XRP is poised for a significant surge of 30% in April, as indicated by bullish patterns on its price chart. Ripple’s CEO, Brad Garlinghouse, has strongly criticized the SEC’s recent request for a $2 billion fine and penalties, accusing the agency of abusing its power and operating unlawfully.
The reaction of XRP to major events has been gradual but consistent, with investors eagerly waiting for a bullish rally to push the price to new heights. In the past 24 hours, the broader market has shown signs of recovery, and XRP has followed suit with a 2.4% growth, trading at $0.64. Notably, the trading volume for XRP has increased by 65% during this period.
Analysts predict that XRP may experience its first major surge this year, with a projected increase of 30% in April. Historical data support this prediction, as CryptoRank data suggests an average monthly return of 31%. April has historically been a favorable month for XRP, with notable surges in 2019, 2020, and 2021. In 2021 alone, the market witnessed an explosive jump of 174.1%. However, April 2022 and April 2023 saw expected declines.
Some analysts believe that XRP’s return to $1 is long overdue. Renowned trader EGRAG Crypto also agrees with this sentiment, pointing out the formation of a “W” pattern in XRP’s price chart. According to his analysis, the asset could experience a surge of over 50% and reach $1.2 in the coming weeks.
In addition, another analyst has identified a rare bullish cross that surpasses the golden cross of the 200 and 50 EMA. By focusing on the current price, the analyst suggests that the crossover of the 100 EMA over the 50 EMA indicates strong bullish momentum, paving the way for steady growth in XRP. Notably, the critical resistance level for XRP is set at $0.64, and its ability to sustain above this level will determine its potential to reach new heights. The next price target is currently set at $0.7.
Meanwhile, Ripple continues to fight back in its legal battle against the SEC. The SEC has requested a $2 billion fine and penalties, which Ripple’s Chief Legal Officer, Stuart Alderoty, dismisses as mere intimidation and an unlawful operation. Ripple’s CLO has pledged that they will not back down and will prepare a response next month. Ripple’s CEO, Brad Garlinghouse, has also criticized SEC Chair Gary Gensler for consistently abusing the agency’s power without regard for the law.
It is worth noting that Gensler’s SEC has faced criticism from judges for acting outside the law, as seen in the DEBT Box case and the Ripple case. The lack of attention to SBFraud has also raised concerns about Gensler’s leadership.
