Ripple (XRP) seems to use a new upward movement and has gone through an increase of almost 4% in the last 24 hours. The price of the token currently fluctuates around $ 2.50.
Although XRP corrected considerably after the recent rejection of the resistance level of $ 3, the price is now slowly taking over again. Analysts are optimistic and predict that XRP may be moving towards new record highs, provided that it remains above critical support levels.
XRP on its way to $ 5.85?
According to the well-known crypto analyst Darkdefender, the current price promotion of XRP shows a clear Elliott Wave structure. The recent relapse to $ 2.33 was, as shown below, together with an important Fibonacci retracement level, which indicates a confirmation of the bullish trend.
Darkdefender states that the dip to the zone may mark the end of Wave 2 around $ 2.30, which could be a prelude to an increase towards $ 2.60 in the short term. Crucial support levels in the short term are at $ 2.30 and $ 2.20. As long as XRP remains above, an increase above $ 3 is a real scenatio. If the bullish structure remains intact, the next phase (Wave 3) could even push the rate towards $ 5.85 according to the analyst.
XRP adoption is increasing
In addition to positive technical indicators, the fundamental picture does not lie. Crypto analyst Ali Martinez points to an explosive growth in the number of active XRP addresses, which rose by no less than 620% in one week-from 74,589 to 462,650 addresses. This indicates a growing demand and wider adoption.
Moreover, the recent announcement that XRP is included in the American strategic reserve further fueled the expectations of institutional adoption. This could ensure a more stable and higher -valued market position in the long term.
Another important aspect for the price development of XRP remains the legal battle between Ripple and the American Securities and Exchange Commission (SEC). Although this lawsuit formed an obstacle for years, recent news points to positive developments.
In recent weeks, the SEC has withdrew several lawsuits against crypto companies, which has led to speculation that the lawsuit with Ripple may also be withdrawn. In addition, a decision will soon be expected about Spot XRP ETFs. If the SEC LIGHT GIVES for these funds, this can result in considerable institutional capital instromas. Despite the recent volatility, it all looks very good for Ripple and the future perspective of XRP.
Claim € 10 free today and do not pay trading costs over the first € 10,000!
Grab this unique opportunity with Newsbit and Bitvavo by creating an account now via the button below. Only deposit € 10 and receive € 10 free of charge. Moreover, you can act without costs for 7 days over your first € 10,000 in transactions. Start today and take advantage of the growing popularity of Crypto!
Make your account and claim € 10 for free.
Don’t miss this opportunity to take advantage of the growing popularity of Crypto!
Source: https://newsbit.nl/xrp-koers-kan-snel-naar-een-nieuw-record-expert-deelt-analyse/
