Many believe XRP has been suppressed over the last few years by the lawsuit with the U.S. Securities and Exchange Commission (SEC). However, Ripple’s three consecutive victories over the regulator have left many investors wondering why XRP has not regained the $1 level.
While the broader market enjoys a bullish run, XRP seems stuck. However, a recent analysis suggests a potential “window of opportunity” for XRP investors in the coming months.
Read Also: Analyst Predicts XRP Price Surge to Match Bitcoin Trend Within 3 Days
Top Analyst Shares Bullish Predictions
Prominent crypto analyst EGRAG CRYPTO (@egragcrypto) identified technical indicators suggesting a significant upswing for XRP. He points to a white ascending triangle on his chart, a technical indicator often associated with bullish breakouts. The analyst believes that a breakout from this pattern could propel XRP’s price to $17.
This prediction hinges on a perceived pullback in Bitcoin’s price after its recent all-time high. The analyst suggests this window of opportunity for XRP would fall between April and July 2024, capitalizing on a potential market correction for Bitcoin.
A More Ambitious Target
EGRAG CRYPTO’s analysis goes beyond the short-term prediction. The analyst identified a yellow ascending triangle pattern, suggesting a more ambitious target price of $27 for XRP. As XRP trades at $0.6042 at the time of writing, these will require a surge of 2,713.6% for $17 and 4,368.7% for $27.
This long-term prediction is tied to the analyst’s belief that 2025 is the “year of Utility Bull Run” for XRP. This hinges on Bitcoin potentially reaching a cycle top of around $200,000, mirroring a tenfold increase from its previous peak.
Memory updated#XRP May 2024= $17 or November 2024= $27!!!!
I do not like the game of timing; it's like throwing darts blindfolded. Guessing the market's timing is challenging. However, I'll take a shot and state the following:
A) White Ascending Triangle: ⬜️
The breakout move… pic.twitter.com/pZlDv34FB0— EGRAG CRYPTO (@egragcrypto) March 10, 2024
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Legal Clouds and Price Movement
While technical indicators paint a bullish picture, the ongoing legal battle between Ripple and the SEC remains a significant factor influencing XRP’s price. Currently, the legal battle seems to be in a holding pattern with no major developments expected to influence XRP’s price in the immediate future.
The next key dates are March 22, when the SEC must file its remedy-related brief, and April 22, for Ripple’s response. Many believe a favorable outcome will cause an XRP surge.
However, a prominent attorney recently argued that the settlement amount paid by Ripple for institutional XRP sales will not affect its price trajectory. He also revealed that the SEC will not appeal XRP’s non-security status. He predicted that XRP would hit a new all-time high in 2024.
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