TL;DR
Analysts predict a significant surge in XRP’s value, with optimistic projections based on recent trading patterns and technical analysis.
Key factors for XRP’s potential rise include increased adoption and the outcome of the Ripple vs. SEC lawsuit
What Are the Odds for a New Peak?
Pro-XRP analysts remain unfazed by the asset’s price consolidation as of late, predicting this could be the beginning of a massive surge in the near future.
The X user Dark Defender reminded that XRP has already achieved two consecutive three-monthly green candles in the past six months. The analyst claimed that a third candle of this type could fuel an exponential rally that might take the token’s value to the range of $1.88-$5.85.
A popular trader was even more bullish, predicting that XRP could experience a 1,500% increase “before the mid-cycle run ends.” In other words, the analyst believes the asset’s price may explode to nearly $10 by this summer.
EGRAG CRYPTO – another X user who frequently discusses XRP – chipped in last week, too, stating that the Fibonacci 0.5 level “has held us so far” and arguing that the bulls actions are of utmost importance. The analyst concluded that those conditions can propel a price spike of around $1.40 in April.
The Essential Factors
Soaring to unprecedented levels requires several important elements to take place, with one of them being enhanced adoption. Over the past few weeks, the asset received support from numerous leading cryptocurrency exchanges, with BitMEX, Atlantis Exchange, and Bitrue opening trading services with the token.
Another factor (and perhaps the most obvious one) is the outcome of the Ripple v. SEC lawsuit. XRP might rally in the event of a decisive victory for the company, while the entire crypto sector could be injected with a positive boost.
The trial between the entities is scheduled for April 23, but that doesn’t necessarily mean the community will witness a resolution this year. ChatGPT recently estimated that the case may be officially closed by 2026 due to delays and appeals from both sides.
Ripple and the SEC must comply with all court procedures before the trial. As CryptoPotato reported, the regulator filed (under seal) its opening remedies-related brief and supporting documents. The data is not yet public, and its redacted version will be presented no later than March 26.
Those willing to learn which additional factors signal that XRP is on the verge of a price explosion throughout 2024, please take a look at the video below:
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