Ripple (XRP) is on the verge of a major price breakthrough, according to recent analysis by prominent crypto analysts. XRP is poised to close its three-monthly candle in March by breaking the multi-year resistance. This indicates a potentially significant move in the near future, despite the negativity surrounding the crypto market.
Crypto analyst EGRAG Crypto has identified a well-aligned “W” pattern in XRP’s price chart. It suggests that the tenth wave could propel the cryptocurrency to new heights. The analyst predicts that XRP could reach a target price of $1 on a non-logarithmic scale and $1.2 on a logarithmic scale.
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Ripple XRP’s Price Performance and Market Sentiment
XRP has been performing well in recent months, with a 2.9% increase in the last 24 hours, a 1.9% increase over the past 7 days. The coin is also up by 17.8% in the last 30 days, an impressive 45.9% increase over the past year. XRP investors and enthusiasts have grown increasingly optimistic due to this strong performance and the breaking of the multi-year resistance.
Dark Defender, another prominent crypto analyst, has also shared a bullish outlook on XRP. The analyst notes that with one week left to close the last candle above the multi-year resistance, XRP could potentially target prices between $1.8815 and $5.8563.
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How high can XRP go?
EGRAG Crypto’s identification of the tenth “W” pattern in XRP’s price chart is particularly significant. The “W” pattern, also known as a double bottom, is a bullish reversal pattern that forms after a period of selling pressure. The formation of this pattern indicates the exhaustion of selling pressure and the emergence of buyers, potentially leading to a significant price increase.
The U.S. Securities and Exchange Commission (SEC) and Ripple, the company behind XRP, have been involved in a protracted legal battle. While the SEC accuses Ripple of conducting an unregistered securities offering through the sale of XRP, Ripple argues that XRP is not a security and should be considered a digital currency.
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The result of this legal dispute could carry notable consequences for XRP’s future valuation. A positive verdict for Ripple might enhance investor trust and possibly encourage greater institutional involvement with the digital currency. Conversely, an adverse outcome could exert downward influence on XRP’s value.