XRP’s Technical Analysis Indicates a Potential Price Surge in the Future
XRP, the cryptocurrency native to Ripple, is poised for a significant price increase, according to technical analysis. Good Morning Crypto, a well-known influencer and cryptocurrency enthusiast, recently shared their analysis, highlighting the potential for a major rally in XRP.
The consolidation of XRP’s price for an extended period can be attributed to the ongoing lawsuit between Ripple and the SEC. Despite the bullish market conditions in 2021, XRP’s price has been suppressed due to this legal battle.
Taking a look at XRP’s historical patterns, the influencer noted that in 2017, the cryptocurrency dropped below a key support level and then experienced a remarkable surge of 70,000% in just 240 days. This performance ranked XRP as the top-performing digital asset in 2018.
The influencer posed a significant question: “Did We Just Witness The Final Shakeout On XRP Price Chart?” Based on their analysis, a similar technical trend suggests that XRP may be on the cusp of another significant price increase.
However, for this bullish view to materialize, it is crucial for XRP and Ripple to resolve their legal issues satisfactorily. Additionally, the overall optimistic sentiment in the global crypto market would play a vital role in supporting XRP’s potential surge.
Currently, XRP is trading at approximately $0.435, reflecting a 5.35% increase over the past 24 hours. This rebound is particularly noteworthy considering the bearish trend in the market. Many members of the crypto community have observed the recent uptick in XRP’s price.
It is worth mentioning that prominent pro-XRP attorney Bill Morgan recently purchased more XRP tokens when the price was above $0.40. This action demonstrates his confidence in the future of XRP and aligns with the technical analysis suggesting a possible price explosion.
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