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XRP Price Set For 61,390% Rally After Long-Awaited Breakout?
XRP price continues to trade range-bound between $0.50-$0.53 since April, after a recent rally to over $0.71 in March due to an early bull run. Moreover, the price has failed to reach $1 again after the U.S. Securities and Exchange Commission (SEC) brought charges against Ripple Labs and executives Chris Larsen and Brad Garlinghouse. Does this bull market hold promise for XRP price to hit $1?
XRP Price Ready For Breakout
XRP price has been moving in a symmetrical triangle pattern since 2017 and a breakout is expected soon, as per a trending post by an X user named Amonyx. He claimed “The long-awaited big explosion in XRP is coming very soon,” asking his followers to be ready.
Similar chart patterns are shared by other analysts such as Egrag Crypto, who said XRP needs a 41% pump to break the triangle. In 2017, XRP witnessed a similar 41% surge in a month to successfully breakout above the triangle. Will history repeat itself as the conditions are different now due to Ripple vs SEC lawsuit.
XRP witnessed a 61,150% rally in 2017 and analyst predicts a 61,390% in this bull market. If a similar breakout happens, it could take XRP price to $320. Whereas, Egrag Crypto adds that measured moves and Fib targets point to double digits as inevitable.
Also Read: XRP News – Robinhood Now Has Infrastructure to List XRP Ledger-Issued Tokens
XRP Price Performance As Remedies Decision Looms
Lawyers James Murphy, Bill Morgan, and others believe Ripple vs SEC will end this year or early 2025. They believe Judge Torres’ ruling will come sooner as compared to summary judgment. The community now awaits Judge Torres’ decision on the scale of fines in the remedies phase.
XRP price currently trading at $0.525, up merely 0.44% in a month. The 24-hour low and high are $0.517 and $0.527, respectively. The trading volume has jumped over 9% in a last 24 hours.
XRP futures trading has increased in June as compared to a month ago, with open interest rising to 1.24 billion worth $651.33 million, as per CoinGlass.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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