A renowned technical analyst predicts that XRP’s price could soar to $10 once it receives regulatory clarity, citing a bullish cross on the LMACD indicator and historical data.
XRP, the sixth-largest crypto by market cap, remains a top-speculated asset in the market amid its longstanding Ripple-SEC lawsuit. Crypto Caesar, a Bitcoin proponent, recently joined the bandwagon of analysts to predict their bullish expectations for the asset in the coming weeks or months.
Caesar’s forecast suggests that once XRP receives regulatory clarity courtesy of the lingering SEC, it could skyrocket to a remarkable $10, surprising many doubters.
To buttress his point, the expert drew the attention of his followers to the bullish cross on the XRP one-month chart as confirmed by the Linear Moving Average Convergence Divergence (LMACD) indicator. This pattern formation signifies that the shorter-term linear moving average has surpassed the longer-term linear moving average, indicating a potential upward movement.
Love it or hate it #XRP looks to be setting up for a big move on the monthly time frame. Bullish cross confirmed on the LMACD.
Any positive news regarding the lawsuit could propel it significantly to the upside. If #XRP gets clarity then I wouldn’t shy away from a $10 target… pic.twitter.com/T4WkVOY1qv
— 👑Crypto Caesar👑™️ (@crypto_caesar1) July 11, 2023
Based on historical data, the confirmation of a bullish cross on the LMACD often paints a positive picture for the digital asset. Notably, the first bullish cross took place in mid-2016 when XRP was ranging between $0.005 and $0.007. Following this pattern formation, XRP rallied significantly, reaching a high of $0.3987 in May 2017.
The pattern repeated itself in September 2020, resulting in a remarkable 716% surge from $0.2418 to $1.9670 in April 2021. The latest bullish cross on the LMACD indicator on the XRP chart marks the third occurrence since 2016. Thus, Caesar expects history to repeat itself, taking XRP to a new all-time high.
Impact of the Ripple-SEC Case on XRP
Amid the positivity introduced by the LMACD indicator, the widely followed analyst implied that the final judgment in the Ripple vs. SEC case would decide the price direction of the asset.
However, Caesar projected that XRP would reach the $10 price mark should Judge Analisa Torres conclude that the crypto asset is a non-security. “If XRP gets clarity then I wouldn’t shy away from a $10 target this cycle,” he wrote.
While some enthusiasts embraced the optimistic outlook, others expressed skepticism regarding XRP’s future, suggesting that the digital asset could face the risk of becoming worthless if deemed unregistered security by the Court.
Responding to these claims, Caesar submitted that it is insane to think that XRP would plummet to zero if the SEC wins the lawsuit. Despite the ongoing speculations, XRP continues to suffer bearish movements. At press time, XRP is trading at $0.473, recording a slight decline of about 1% in the past 24 hours.
Follow us on Twitter, Facebook, Telegram, and Google News
