XRP experienced a commendable resurgence over the weekend, following a tumultuous period for major crypto assets. As of Sunday evening, XRP was trading at $0.592, reflecting a 2.155% increase over the past 24 hours and a 24% surge over the past week. This resurgence has captivated investors, with many speculating that XRP might be preparing for a massive bullish run.
On Sunday, one notable analyst, CryptoGeek, shared insights about XRP’s current formation of a symmetrical triangle on the monthly chart. According to Cryptogeek, a breakout from this pattern could potentially push XRP’s price to $320, reminiscent of a similar pattern witnessed during the 2017 bull run. Such a move would result in a staggering 61,000% increase from its current price levels.
Supporting this optimistic outlook, analyst Javon Marks emphasized the potential for a breakout from the symmetrical triangle pattern, suggesting that a full logarithmic follow-through could dramatically increase XRP to price points above $150. Marks also sees this potential breakout as a catalyst for another legendary run similar to 2017.
Meanwhile, in the shorter term, analyst Dark Defender provided a bullish forecast, noting that the ABCDE structure is complete and more visible in the 3-month time frame. The pundit further predicts that the third wave is poised for a surge towards $18.2275, with a potential target of $36.7676 in the fifth wave. He identified key resistance levels at $0.6044 and $0.6649 and support levels at $0.4623 and $0.3917.
Notably, these projections come as the legal battle between Ripple and the SEC nears its conclusion. Last July, the Southern District of New York ruled in favor of Ripple Labs, clarifying that XRP is not a security in itself, marking a significant moment for the cryptocurrency industry.
On Saturday, Stuart Alderoty, Ripple’s general counsel, criticized the SEC’s conduct under Chairman Gary Gensler and highlighted the growing frustration among policymakers with the lack of legislative progress in cryptocurrency regulation. Alderoty further expressed confidence that the decision regarding XRP’s status would be upheld despite the SEC’s ongoing efforts to challenge Ripple and the broader crypto industry through litigation.
“While our case as a whole isn’t fully over (remedies still to be decided), the Court’s ruling that XRP is not a security will not change (even the SEC told the Court it will not challenge that conclusion). Don’t be distracted by the SEC’s continued efforts to mire Ripple and the industry…Ripple and the entire industry has and will emerge stronger, long after Chair Gensler is gone.” tweeted Alderoty.
As the lawsuit edges toward a potential settlement, the market remains optimistic about XRP’s future. The anticipation of a favorable outcome in the legal battle and strong technical indicators suggest that XRP could be on the brink of a historic bullish run.
