As a long-term crypto investor, I’ve seen my fair share of market volatility and price fluctuations. The current range-bound trading of XRP between $0.50 and $0.53 is familiar territory for me, but the anticipation of a potential breakout is what keeps things interesting.
The price of XRP has been fluctuating between $0.50 and $0.53 since April, following a surge to around $0.71 in March due to an initial bull run. However, the price has been unable to exceed $1 again since then, as the U.S. Securities and Exchange Commission (SEC) filed charges against Ripple Labs and its executives Chris Larsen and Brad Garlinghouse. Despite this regulatory setback, some investors remain optimistic that the current bull market could eventually push the XRP price above $1.
XRP Price Ready For Breakout
Since 2017, the price of XRP has been following a symmetrical triangle pattern, according to a popular post from a user named Amonyx in the XRP community. He predicted that a significant price surge for XRP is imminent and urged his audience to prepare accordingly, stating “The long-anticipated massive increase in XRP value is right around the corner.”
As a crypto investor, I’ve noticed that other analysts, like Egrag Crypto, have identified similar chart patterns for XRP. They believe XRP requires a 41% price increase to break free from the current triangle. In the past, during the bull run of 2017, XRP experienced an impressive 41% surge within a month, enabling it to shatter the triangle’s resistance. However, given the ongoing legal battle between Ripple and the SEC, it remains to be seen if history will repeat itself.
In the year 2017, XRP experienced an astonishing surge of approximately 61,150%, and some analysts anticipate a potential rally by around 61,390% in this current bull market. Should such growth occur, it could lead XRP’s price to reach an astounding $320. However, Egrag Crypto asserts that based on measured moves and Fibonacci targets, we should expect a significant increase, though not necessarily reaching double digits in terms of the number.
XRP Price Performance As Remedies Decision Looms
Experts, including lawyers James Murphy and Bill Morgan, predict that the Ripple vs SEC case may reach its conclusion by the end of this year or early 2025. They anticipate that Judge Torres’ ruling on the penalties in the reparations stage will be handed down sooner rather than during the summary judgment phase. The community is currently holding their breath, eagerly waiting for Judge Torres to announce her decision regarding the magnitude of fines.
The price of XRP is presently at $0.525, representing a minimal 0.44% increase over the past month. The lowest and highest prices within the last 24 hours were recorded as $0.517 and $0.527 respectively. Notably, there’s been an uptick of approximately 9% in XRP’s trading volume over the previous day.
The trading volume for XRP futures has grown significantly in June compared to the previous month. Open interest, which represents the outstanding contracts yet to be settled, reached a value of 1.24 billion dollars or 651.33 million in total, according to CoinGlass’s latest data.
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2024-06-07 17:10