XRP’s price has been suffering for years due to the ongoing lawsuit between Ripple, the company behind XRP, and the US Securities and Exchange Commission (SEC).
While XRP was one of the crypto market’s standouts during the 2017-2018 bull market, rising by tens of thousands of percent, it failed to reach a new all-time high during the previous bull market.
Since its all-time peak in early 2018, the XRP price has been moving in a symmetrical triangle, characterized by increasingly lower highs and higher lows. If XRP manages to exit the pattern at the upside, a historic price increase is on the horizon.
Crypto Analyst Shares Crucial XRP Resistance
Earlier this week, renowned crypto analyst Ali Martinez showed the trading pattern that XRP has been locked into for years on social media platform X. Now that the price is slowly but surely moving towards the apex of the triangle, or the point where the converging lines meet, a major price move seems only a matter of time.
The expert tells his nearly 70,000 followers that a bullish breakout could occur once XRP breaks through $0.90.
At a current price of $0.58, XRP needs a surge of over 55% to reach $0.90.
XRP has been in the spotlight at the start of this week. While bitcoin (BTC) and the rest of the market have been moving lower, XRP has made a remarkable rally to its highest price since March of nearly $0.66.
It has many analysts shaking hands that the XRP price is ripe for further explosive upward movement.
For example, renowned crypto trader KALEO indicated this week that technical indicators are pointing to an impending move in favor of XRP against Bitcoin. This is because the XRP/BTC chart appears poised for an upward breakout, according to KALEO.
Crypto analyst JD also pointed out that several technical indicators are currently showing bullish crosses, which has historically often led to large price increases for XRP.
Ripple vs SEC Lawsuit
However, it should not be forgotten that behind the scenes, a battle is still being fought in the US courts. Currently, Ripple and the regulator are still in dispute over the appropriate fine for the institutional sale of XRP, which was declared a security by Judge Analisa Torres last summer.
There have been many rumors recently about an impending settlement between Ripple and the SEC. However, these rumors have turned out to be unfounded, and it is still unclear how and when the lawsuit will end. However, according to Ripple CEO Brad Garlinghouse, it won’t be long now, as he stated earlier this month that he would be able to bury the hatchet “soon.”
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Source: https://newsbit.nl/crypto-analist-xrp-moet-deze-prijs-halen-voor-historische-doorbraak/
