- XRP is trading around $2.46, up 1.66% in the last 24 hours.
- Predictions from one analyst range from $15 to $44 based on historical patterns.
- Ripple’s recent settlement with the SEC has improved long-term prospects for XRP.
XRP is currently trading at $2.46, showing a 1.66% increase in the past 24 hours, as per CoinMarketCap data . Fueling this positive sentiment are extremely bullish predictions emerging from crypto analysts who are closely watching key resistance levels now that the SEC has dropped its appeal.
Crypto analyst EGRAG CRYPTO has outlined multiple price targets for XRP:
- Conservative Target: $15
- Normal Measurement: $22
- Extended Target: $44
- Personal Target: $27
These projections are rooted in historical price patterns observed in XRP’s past performance, combined with Fibonacci extension levels.
The analyst suggests that if XRP follows its previous market cycles, it could potentially break above the significant $3.40 resistance level and enter a phase of price discovery, where new all-time highs could be established.
Related: “You Have No Idea”: Analyst’s XRP Chart Hints at a Truly Massive Price Surge
What Do Technical Indicators Suggest About XRP’s Next Move?
The Bollinger Bands show that XRP is trading close to its middle band. This often suggests a period of consolidation in the market before a potential breakout in either direction.
If XRP’s price moves upwards towards the upper band of the Bollinger Bands, currently around $2.58, it could signal the development of a bullish trend. Conversely, if the price were to dip below the lower band, situated at $2.09, it might indicate an impending pullback or downward pressure.
The RSI, currently at 52.91, suggests that XRP is in neutral territory. It is neither overbought nor oversold, leaving room for upward movement.
If buying pressure in the market increases, the RSI could push past the 60 mark, which is often seen as a signal of stronger momentum building for a price rally.
How Does Ripple’s Legal Victory Factor Into XRP’s Outlook?
A significant development that has likely contributed to the improved sentiment surrounding XRP is Ripple Labs’ agreement to a $50 million settlement with the SEC.
Ripple Labs recently agreed to a $50 million settlement with the United States SEC, marking the end of a prolonged legal battle.
Related: XRP Whales Go Missing, But Analysts Set Sights On Double-Digit Targets
The lawsuit, which alleged Ripple of selling XRP as an unregistered security, had been a major source of uncertainty for investors. With this legal hurdle removed, confidence in XRP’s long-term prospects is up by notches.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
