In the last 24 hours, the price of XRP has increased by 1%, defying the general market decline and reaching $0.505788.
This price reflects an 11% increase over the previous week, and traders and analysts are increasingly anticipating a favourable outcome in Ripple’s protracted legal battle with the SEC.
As a result of growing optimism for a favourable resolution for Ripple, which has had a series of good developments in its case in recent weeks, XRP has remarkably increased by 48% since January 1.
And given that one analyst expects XRP to break out in June, it might not be long until the situation is resolved and the altcoin gets the enormous rally that its holders have anticipated since December 2020.
Crypto Expert with 400,000 Followers Predicts XRP Price to Surprise Traders in June as Ripple Lawsuit Verdict Approaches XRP surged as high as $0.527786 overnight, a price representing a 10% increase from its position on Monday.
It has subsequently moderated somewhat, and the conflicting signals that its technical indicators are currently throwing out are mostly a result of this brief slump.
The relative strength index (purple) for XRP has dropped below 50, indicating a lack of momentum on the one hand.
The coin’s 30-day moving average (yellow) rises higher than its 200-day average (blue), indicating potential future increases. On the other side, the RSI has started to rise once more.
As the altcoin consolidates around ever-higher prices, XRP’s support level (green) increases concurrently, giving it a stronger basis to launch future gains.
As a result, as predicted by an increasing number of analysts and journalists, XRP is actually in an excellent position overall for some significant rises in the upcoming weeks.
The coin may have a breakout next month, according to one expert who goes by the Twitter handle @CryptoGodJohn. The analyst expects a breakout of 12% or maybe more.
Despite the usually unpredictable nature of the cryptocurrency industry, this prediction is believable given the encouraging developments in the Ripple-SEC case.
Recent SEC emails have revealed that the regulator had advised that XRP was not a security (at least before suing Ripple), which casts doubt on the regulator’s argument.
This suggests that the cryptocurrency company has a very good chance of obtaining a summary judgment or settlement that works in its favour, enabling it to carry on as usual and allowing the trading of XRP. This is combined with other favourable rulings in Ripple’s favour in the past few months.
This confidence was recently demonstrated by Ripple’s $250 million purchase of Metaco, which offers custody services for digital assets.
As numerous analysts have already mentioned, it is quite unlikely that Ripple would have purchased Metaco if it didn’t firmly believe its SEC lawsuit would succeed.
These changes have increased market trust in XRP, contributing to its recent increases.
However, XRP could experience a significant rally and reach $1 in weeks if and when the favourable decision does come.
From there, a bullish cryptocurrency market may recover to $2 or perhaps $3 by the beginning of 2024.
