Crypto pundit Bird has highlighted why this week could be a massive one for XRP. This comes as market investors keep an eye on key macro events such as the U.S. CPI and also the upcoming CLARITY Act markup.
Why This Is A Massive Week For XRP
In an X post, Bird stated that this is a massive week as the Russell 2000 has rallied to new all-time highs (ATHs). He explained that every previous time that this has happened, XRP has gone on to record a major run. The analyst also alluded to macro data dropping this week, which could also impact the XRP price.
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Bird noted that the CPI and PPI inflation data, which drops this week, always injects volatility into the crypto market. The crypto pundit also stated that the long-awaited markup of the market structure bill (CLARITY Act) is scheduled for this Thursday. This is significant because the legislation could provide legal clarity for XRP and other crypto assets.
The pundit remarked that the charts and macro are aligning for XRP. He predicted that if these developments push the altcoin above $2.70, it could quickly rally to a new all-time high (ATH). Bird asserted that if this doesn’t happen, then the market is likely manipulated, as he believes that XRP and the broader crypto market should be recording significant gains right now.
It is worth noting that XRP rallied to as high as $2.3 at the start of the year but has since lost most of those gains, though the altcoin is still up over 10% year-to-date (YTD). XRP could be one of the crypto assets that benefits most from the passage of the CLARITY Act, as it would boost Ripple’s operations, which could in turn drive more adoption for XRP.
XRP Could Rally To $2.26 From Here
Crypto analyst CasiTrades has predicted that XRP could rally to $2.26 from its current level. In an X post, she stated that she expects the altcoin to reach this level to complete a subwave 2 and that the next wave up is critical. The analyst warned that if the price action stays corrective, then there could be a sharp rejection that sends the altcoin into a subwave 3 down. XRP could break the .5 support in the process and target the $1.65 macro support.
However, if XRP’s bounce has the strength to break above $2.41 and flip it into support, this could invalidate the scenario down to $1.65. CasiTrades remarked that this is the key decision in the market, even as market participants keep an eye on the macro fundamentals.
Related Reading: Analyst Breaks Down Why Investors will Make More Money With XRP Than Bitcoin
At the time of writing, the XRP price is trading at around $2.06, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com
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