Analyst Egrag Crypto believes that Ripple’s token XRP has formed a pattern which could indicate an imminent rally. The analyst displayed historical price consolidation phases, which indicate a rise to $7.29. A rally of over 900% would be required to reach $7.29.
Also Read: Germany’s Stock Exchange Projects Ripple XRP To Reach $10
XRP is facing significant difficulties in recent years. Ripple’s ongoing dispute with the Securities and Exchange Commission of the United States is most likely the reason for the current situation.SEC).
Ripple XRP Token to take off in the market?
Sean McBride said that Ripple will remain inactive until the legal case is resolved. McBride also called people who believe otherwise “idiots”. “delusional.”
Also Read: Ripple’s XRP Won’t Rally Until This Happens: Ex-Director Explains
A US District Court ruled last year that Ripple’s sale of XRP retail customers did not violate securities laws. This rally was short-lived, but the price of the token began to increase shortly after the decision. The prices fell, and they haven’t moved up since.
Investors also await the ruling of Judge Torres in SEC v. Ripple. This case is now pending in the High Court. If Ripple is chosen again, the price of XRP could reach new highs. Asset hasn’t reached its peak since January 2018 when it was at its highest. That’s more than 6 years ago. This trend could reversed with a positive decision and lead to a new record.
XRP’s price can be affected by other factors. XRP could be supported by a market bullish mood. If Bitcoin’s (BTC) current trend breaks and it starts to climb, then XRP could also gain ground.
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Source: watcher.guru
