XRP has been trading in an extensive range for the past year. Cryptobull, a top crypto analyst drew attention to this ranging situation while sharing an analyzed XRP price chart on a one-year time frame. Amid inquiries about when he thinks a breakout could happen, the analyst declined to respond.
Despite having an outstanding use case for settling cross-border payments, the adoption rate of XRP began to reduce drastically after the U.S. SEC claimed that it is a security, filing a lawsuit against Ripple for offering it for sale in a token distribution event some years back.
The lawsuit which began in December 2020 shortly after XRP hit a controversial all-time high of $3.84 was the beginning of the prevailing fall in the cryptoasset’s price as investors lost confidence in the cryptoasset. Top U.S. exchanges including Coinbase even delisted XRP from their trading platforms.
The historic collapse of the Terra ecosystem in May 2022 came to add to the woes of XRP. The incident dragged XRP down by 20.86% in the second week of May 2022, taking the price of XRP to $0.3361. This was the beginning of XRP’s current-ranging situation as depicted by Cryptobull.
Per the published chart, XRP remained in a downtrend throughout May and subsequently found support at $0.2872 in mid-June which is the bottom of the one-year range in question. Amid efforts from the bulls to push XRP price up in the past year, bears always stage a tough resistance at $0.55.
Accordingly, the pseudonymous crypto analyst tweeted, “XRP has been ranging between $0.28 and $0.55 for one year now.” Cryptobull declined to predict when a breakout from this range should be expected.
#XRP has been ranging between $0.28 and and $0.55 for one year now! pic.twitter.com/uGefsKeD7g
— CryptoBull (@CryptoBull2020) May 4, 2023
However, experts predict a historic rally in the XRP price and a market-wide surge if the judge presiding over the Ripple-SEC lawsuit concludes that XRP is a non-security. Likewise, a TA guru Egrag has recently shared various bullish sentiments about XRP, expecting the asset to hit $10 or $27 in the coming years. According to him, XRP has the potential to rise by 300%, 3000%, or 30,000%.
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