XRP, currently the third-largest cryptocurrency by market capitalization, saw an impressive rise on Monday after a strong recovery on Sunday. With growth of over 400% in the past month, XRP is showing remarkable resilience and cementing its position as one of the most dominant cryptocurrencies.
Analysts remain optimistic
XRP’s strong performance has caught the attention of many analysts. Analyst Armando Pantoja shared his optimism on Twitter, writing: “XRP to $8-20 is inevitable.” He points to several factors that support his optimism.
First, Pantoja highlights the strong technical signals. He points to a recent breakout from a seven-year consolidation phase, with XRP returning to a crucial support level. According to him, this movement indicates a long-term upward trend.
In addition, the behavior of so-called ‘whales’ plays an important role. Santiment data shows that major investors purchased more than 50 million XRP last weekend. This accumulation at current price levels indicates confidence in further upside.
Technical indicators such as the MACD and the RSI also support this scenario. According to Pantoja, these indicators have cooled and are approaching neutral levels, leaving room for a new breakout. He added: “FOMO is coming, sentiment is turning.” In doing so, he suggests that interest from private investors could further drive up the price.
MMCrypto also sees potential
Even Bitcoin maximalist MMCrypto, who was previously critical of XRP, now sees potential for a significant price increase. He informed his 1.5 million followers that the recent breakthrough puts a price above $4 within reach.
Lawsuit and ETFs fuel optimism
A major driver behind XRP’s recent rise is Donald Trump’s victory in the US presidential elections. Trump is known for his crypto-friendly stance and has indicated he wants to limit the influence of regulators such as the SEC. This news fuels expectations that the long-running legal battle between Ripple and the SEC could soon end favorably.
For Ripple, which has been embroiled in a lawsuit with the SEC for years, this potentially means the end of a major drag. Analysts speculate that the new Trump administration may drop the case, giving Ripple and XRP room for wider adoption and growth.
This shift in policy is seen as a positive signal for the broader crypto market. XRP in particular seems to benefit from this, as the coin has already shown strong resilience in recent times. With a possible policy change on the horizon, analysts expect Ripple to firmly position itself in a more favorable regulatory environment.
Other legal victories, such as the recent ruling in favor of Tornado Cash, also contribute to the positive sentiment. These rulings undermine the authority of regulators such as the SEC in cases where specific legislation is lacking, potentially impacting future lawsuits in Ripple’s favor.
In addition, there are expectations surrounding possible approvals of XRP ETFs. Major parties such as WisdomTree, Bitwise and 21Shares have recently submitted applications. An approval would significantly increase XRP’s credibility among institutional investors and could trigger an influx of capital.
Conclusion
With strong technical signals, increasing institutional interest and the removal of legal barriers, XRP appears poised for further growth. Analysts remain optimistic, and if the predictions come true, XRP could potentially set itself up for another price surge towards $8 or even higher.
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Source: https://newsbit.nl/waarom-crypto-analisten-geloven-dat-xrp-onderweg-is-naar-20/
