Renowned crypto analyst: Ripple (XRP) can no longer be ignored

XRP was in a rut for a long time, but since July it has seen a remarkable rally, with its value increasing by 50% in almost two weeks.

Well-known crypto analyst and podcaster Scott Melker has also noticed this development. After ignoring the project for years, XRP is now catching his attention again, partly due to the interesting patterns that are emerging on the charts.

Melker suggests that XRP is on the verge of breaking through a significant resistance level. While there is always a chance of rejection, the upside could be significant. According to Melker, important resistance levels to watch out for are around $0.75 and $0.93. If the digital coin breaks through these resistances, the price could rise to $1. In the most optimistic scenario, the analyst even foresees a price of $1.9.

$XRP WEEKLY

Have not looked at this chart in ages, but it is in a REALLY interesting spot here. 4th touch of descending resistance here on the weekly. Rejection likely, but a breakout has this flying… worth watching, regardless of your feelings towards the token. pic.twitter.com/2iInHCkfI2

— The Wolf Of All Streets (@scottmelker) July 31, 2024

The optimism surrounding XRP is partly driven by the approaching end of the lawsuit between Ripple and the US Securities and Exchange Commission (SEC). Also playing a role is the expectation that the next US administration, whether led by Donald Trump or Kamala Harris, will be more positive about cryptocurrency.

Analyst Kaleo expects explosive growth

Well-known crypto trader Kaleo is also optimistic about XRP. According to him, the XRP/BTC chart is about to break out, which could lead to a significant increase in the price. Recently, the digital coin broke through a resistance on the daily chart that dates back to the peak during Ripple’s victory on July 13, 2023.

Kaleo also notes that the Bollinger Bands, which indicate an asset’s volatility, have become extremely narrow for XRP. This often signals an impending major price move and can indicate a further uptrend.

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