XRP price has experienced a breakout above a long-term descending trendline, sparking discussions about a potential bullish trajectory. Analysts suggest this movement could lead to higher price levels, with projections reaching up to $5. The recent surge coincides with the resolution of the Ripple vs. SEC lawsuit, which has been a major factor influencing XRP price rally.
XRP Price Signals Bullish Momentum Amid Ripple vs. SEC Lawsuit Resolution
Analyst Dark Defender was quick to react to the XRP price action after the announcement of the Ripple lawsuit conclusion. The breakout above a long-term descending trendline has reinforced bullish expectations. A strong green candlestick confirmed the breakout, signaling substantial buying pressure.
With this movement, Fibonacci retracement levels suggest strong support for further gains. Analysts anticipate XRP price will move past $3.40 and $3.78 before reaching the $5 target. The momentum shift follows a prolonged consolidation phase, aligning with the conclusion of the Ripple vs. SEC lawsuit, which has been ongoing for over five years.
Market analysts have outlined an Elliott Wave structure projecting a continued XRP price increase. According to this analysis, the asset is in an impulsive wave pattern, which suggests further gains. The breakout from the trendline supports the projection of a strong bullish phase.
The conclusion of the Ripple vs. SEC lawsuit has eliminated a significant barrier that previously restrained XRP’s potential growth.
Concerns Over Whale Accumulation and Leverage
While the bullish outlook remains strong, analyst Ali Martinez pointed out concerns regarding the nature of the Ripple token rally. Data from Santiment suggests that large whale investors did not contribute to the price increase. The absence of substantial whale accumulation raises questions about the rally’s sustainability.
Further analysis indicates that open interest in XRP futures increased by $200 million, signaling a surge driven by leverage rather than organic buying. When leverage dominates price movements, the market may experience heightened volatility, leading to potential corrections.
Ripple Price Prediction
The breakout above key resistance levels has sparked renewed interest in XRP price movements. Analysts remain optimistic about a potential climb toward $5, supported by technical indicators and the resolution of the Ripple vs. SEC lawsuit.
More so, a recent CoinGape report highlighted that the top altcoin might rally to $20 if the US SEC approves the pending 18 XRP ETF applications. This aligns with Amonyx’s prediction that institutional inflows from these ETFs could drive a parabolic surge in XRP’s price.
At the timing of writing this report, the altcoin was trading at $2.51, reflecting a 9% increase in the past 24 hours. Additionally, XRP’s 24-hour trading volume surged by 178.83%, reaching $9.74 billion, indicating heightened market activity.
The post Analyst Reveal XRP Price Path To $5 as Ripple Vs SEC Lawsuit Ends appeared first on CoinGape.
CoinGape – Read More