According to analyst Egrag Crypto Ripple’s XRP token has formed a pattern that could suggest an impending rally. The crypto analyst has showcased the coin’s historical consolidation phases which signals a price rally to $7.29. Hitting $7.29 from current levels would imply a rally of more than 900%.
Also Read: Germany’s Stock Exchange Projects Ripple XRP To Reach $10
XRP has faced significant headwinds over the last few years. This is probably due to Ripple’s continuing legal dispute with the Securities and Exchange Commission of the United States (SEC).
Will Ripple’s XRP token take off?
According to former Ripple director Sean McBride, the cryptocurrency will not make any movements until the lawsuit reaches a conclusion. McBride also dubbed people who think any different as “delusional.”
Also Read: Ripple’s XRP Won’t Rally Until This Happens: Ex-Director Explains
Last year, a US district court ruled partially in favor of Ripple, stating that selling XRP to retail clients did not breach securities laws. The token’s price began to rally soon after the verdict was announced, albeit the rally did not last. Prices fell and have not moved upwards since.
Investors are also waiting on Judge Torres’ ruling in the SEC v. Ripple, which is now underway in the high court. The price of XRP might reach record highs if another Ripple-centric choice is made. The asset has not recovered its top since it achieved its all-time high in January 2018, more than six years ago. With a favorable decision, this trend might be reversed and a new high could be achieved.
The price of XRP may also be influenced by other factors. First off, a bullish sentiment in the market could support XRP’s price. If Bitcoin (BTC) breaks out of its present trend and starts to rise, that might also help XRP make up ground that it has lost.
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