XRP’s price has been on the minds of many investors as it has failed to meet expectations. However, some analysts are still bullish on XRP for numerous reasons. Prominent crypto figure Armando Pantoja (@_TallGuyTycoon) recently highlighted several factors that could influence XRP’s price trajectory in the short and long term, potentially sending it to $5.
Pantoja’s analysis emphasizes a symmetrical triangle pattern that XRP has been forming on price charts since 2021. This pattern is characterized by converging trendlines, with price action reaching higher lows and lower highs.
A breakout from this pattern typically signifies a significant price movement in the direction of the breakout. In XRP’s case, a bullish breakout would suggest a price increase, while a bearish breakout would indicate a price decrease.
Technical Analysis and Support Levels
Identifying support levels can also provide valuable insights. Support levels represent price points where buying pressure is historically strong, potentially preventing further price decline. In the case of XRP, Pantoja highlights a key support level at $0.46. If the price stays above this level, it could indicate a potential reversal, meaning the price trend could shift from downward to upward.
Conversely, a sustained drop below $0.46 could suggest a continuation of the downtrend. At press time, XRP traded at $0.4667, down 3.65% over the past 24 hours. Investors will be eagerly watching to see if XRP can stay above this crucial level.
Ripple vs. SEC Lawsuit
The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) is another crucial factor highlighted by Pantoja that could influence XRP’s price. The lawsuit is in the remedies phase, and the SEC aims to collect $1.95 billion for Ripple’s alleged violation of securities laws. However, Ripple has strongly contested this, and both parties are waiting for the judge’s ruling.
Pantoja believes the lawsuit nearing its conclusion could boost investor sentiment, as many experts believe the court will rule in favor of Ripple.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Pantoja’s Target for XRP
The symmetrical triangle pattern, XRP’s position above the crucial support level at $0.46, and the potential end of the SEC lawsuit could all significantly boost XRP. Based on these factors, Pantoja makes a bold prediction that XRP is going to $5.
Another prominent analyst recently set the $5 target based on multiple technical indicators. Although the broader market environment and unforeseen events can also play a role in XRP’s price trajectory, many signs point toward an imminent surge, and XRP could climb to $5 soon.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
