Last week, XRP, the crypto token of Ripple, saw an impressive increase in value of over 46%. The digital currency started with a sharp decline, just like the entire crypto market, caused by economic problems in Japan.
After hitting a low of $0.43, XRP recovered and gained additional momentum, resulting in a local peak of around $0.63.
The recent surge was largely driven by the ruling in Ripple’s legal battle with the US Securities and Exchange Commission (SEC). The court fined Ripple $125 million, a figure significantly lower than the original $2 billion demand. This outcome was seen as a victory by many market participants, including Ripple CEO Brad Garlinghouse.
Is this the start of a massive price increase for XRP?
XRP Price Predictions
After a four-year legal battle and finally a final ruling, many analysts are positive about the future of XRP. One of these analysts, known as CJ, expects XRP to make its first move higher to $0.658 soon.
Another analyst, Javon Marks, sees parallels with a previous “hidden bull divergence” that XRP experienced in 2016-2017, which led to an explosive price increase at the time. As a result, Marks believes that the XRP price is now in the early stages of a new, powerful upward move.
Additionally, analyst Alex Clay points to the formation of a “symmetrical triangle” pattern, which is often a precursor to a strong price breakout. According to Clay, this could be a good time for investors to increase their positions in XRP.
Previous predictions from analysts such as Doctor Profit and CrediBULL Crypto emphasize the positive impact of the lawsuit on XRP. They expect that the recent developments could trigger a new “bull run”, possibly leading to a new all-time high (ATH) for the cryptocurrency.
Receive a €50 Welcome Gift at OKX
Are you ready to explore the crypto world and maybe buy XRP or another cryptocurrency? This is your chance! Newsbit and OKX have an exclusive offer for our readers.
Register with OKX today via the button below and receive a free welcome gift worth €50.
Please note: terms and conditions apply to this promotion.
Source: https://newsbit.nl/xrp-koers-is-een-gigantische-prijsstijging-op-handen/
