Following the emerging developments surrounding the ongoing Ripple-SEC lawsuit and within the XRP Ledger ecosystem, many crypto analysts and XRP proponents are predicting a bullish season for the utility token.
Among many other factors, it is also believed that the movement of the leading crypto asset, Bitcoin (BTC), which has been trading above the $20K mark price for days, could positively impact the price action of XRP in the near term.
Price Rally Predicted for XRP
As interest in XRP grows, Altcoin Sherpa, a popular pseudonymous crypto analyst has given his prediction regarding its price action. Meanwhile, XRP has been performing well in recent days and seems to be consolidating around $0.46.
Altcoin Sherpa is of the opinion that XRP could rally massively towards $0.48 and possibly hit $0.55 in the near term if Bitcoin (BTC) stays above $20K. At the time of writing, Bitcoin (BTC) is trading at $20,439, according to data from Coinmarketcap.
The popular analyst wrote on his Twitter handle on Tuesday saying: “XRP: Looks reasonable, haven’t checked this chart in a while. It had a decent run before others and it looks to be consolidating; I think this one has another move if BTC is stable.”
$XRP: Looks reasonable, haven't checked this chart in a while. It had a decent run before others and it looks to be consolidating; I think this one has another move if btc is stable. #Xrp #Ripple pic.twitter.com/xNhpHmDaqe
— Altcoin Sherpa (@AltcoinSherpa) November 1, 2022
According to the XRP/USD chart he published on Twitter, XRP which is currently trading for $0.455 has its nearest resistance at $0.485. The breaking of this resistance could shoot the XRP Ledger native token to $0.55, Altcoin Sherpa implied.
Meanwhile, a golden cross pattern was confirmed in late October on the XRP chart for the first time in 15 months, which further indicated a bullish trend for the digital token.
“XRP confirms a golden cross between the 50-day and 200-day moving averages. The coming days will show what impact this will have on the price action. In the meantime, the consolidation continues, while the RSI and MACD remain bullish,” Lukasz Wydra tweeted.
$XRP confirms a golden cross between the 50-day and 200-day moving averages. The coming days will show what impact this will have on the price action.
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In the meantime, the consolidation continues, while the RSI and MACD remain bullish. pic.twitter.com/XFfpQLHgfM— Lukasz Wydra (@lukasz_wydra) October 24, 2022
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