Recent Surge in XRP’s Price Following Court Ruling
XRP’s value experienced a significant increase last week, attributed to a favorable court ruling in the Ripple versus SEC case. Although there has been a slight decline recently, the outlook remains positive for a potential “mega run” and new record highs for XRP.
Current Status of XRP
Ripple’s XRP made headlines at the end of last week after witnessing a daily price increase of 20%, reaching nearly $0.64, with its market capitalization surpassing $35 billion. This remarkable rebound followed the latest developments in the Ripple v SEC lawsuit, where Judge Analisa Torres ordered the company to pay a $125 million fine for breaching certain securities regulations. While this amount may seem significant, it represents a 94% reduction from the initial demand of approximately $2 billion from the regulatory body. Many in the industry, including Ripple’s CEO Brad Garlinghouse, regarded this as a positive outcome, contributing to the asset’s upward trend.
However, XRP lost some of its momentum in the days that followed and is currently trading at around $0.57, according to CoinGecko. Despite this, several analysts maintain an optimistic outlook, predicting that new peaks may be on the horizon.
Analysts’ Predictions
One user on X, CJ, noted that XRP has been fluctuating within a “fair value gap” between $0.54 and $0.58, anticipating a move towards $0.658. Similarly, analyst JAVON MARKS pointed out that the token has recently shown a bullish pattern similar to a “hidden bull divergence” observed in 2016-2017, shortly after a remarkable price surge of 62,100%.
“The bullish pattern appears to be complete, and XRP may be in the early stages of its next substantial climb,” the analyst remarked.
Additionally, crypto enthusiast Alex Clay suggested that XRP’s price movements have created a “symmetrical triangle within a symmetrical triangle.” He indicated that this could be an opportune moment for investors to join in or increase their holdings. A symmetrical triangle is a technical pattern characterized by converging trendlines that connect lower highs and higher lows, typically indicating a consolidation phase before a breakout, either upward or downward.
Insights from Previous Forecasts
Analysts such as Doctor Profit and CrediBULL Crypto shared their thoughts on XRP immediately following its significant surge last week. Doctor Profit described the recent court ruling in the Ripple v SEC case as “a massive, bullish event,” highlighting the newfound regulatory clarity and the influx of optimistic rumors that are likely to follow.
“The pressure from the lawsuit is over, and keep in mind that XRP did not experience a bull run in 2021! This suggests that the indicators are not just bullish; they are extremely bullish for XRP, with a very healthy chart,” they noted.
The trader also speculated that Ripple and the SEC might be secretly collaborating on an XRP ETF, which could further enhance the bullish sentiment. CrediBULL Crypto echoed this sentiment, viewing the court’s decision as a victory and predicting a potential “mega run” for Ripple’s native token, leading to new all-time highs.
