XRP investors can look back on the past few months with satisfaction. The digital currency reached a local peak of $2.90 and has since started a new rally. Although it took a while, XRP now appears to be on its way to new heights. According to well-known analyst Mikybull Crypto, the price could even rise to $8 in the current cycle. He said this in a recent post on X.
Technical analysis shows potential
The analyst states that XRP is within an uptrend channel and is currently testing a critical resistance level around $3.20. A break above this limit could pave the way for further gains towards the channel’s upper limit, which coincides with the $8 target. If this prediction comes true, it would mean an impressive share price increase of almost 160% from the current price.
In addition, XRP is trading well above its 50-month and 200-month moving averages (MA), technical indicators that average the asset price over time. According to analysts, this is a positive signal. The pattern indicates a structurally bullish trend and supports the possibility of further price increases.
Legal developments can influence the price
In addition to technical signals, fundamental factors play an important role. The long-running lawsuit between Ripple and the US Securities and Exchange Commission (SEC) remains an uncertainty for XRP. However, the possible arrival of a new Trump administration and a pro-crypto policy could bring about change.
In the short term, the lack of concrete news has led to a slight correction in the price of XRP. Yet expectations among investors remain high. If Ripple achieves a favorable outcome in the lawsuit, it could potentially send the price of XRP soaring. The November rally already showed the enormous potential of positive legal news.
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Source: https://newsbit.nl/crypto-analist-xrp-koers-kan-in-huidige-cyclus-naar-8-stijgen/
