The post Why XRP Price Is Poised for a Rally After Years of Consolidation? appeared first on Coinpedia Fintech News
XRP Price is currently trading at around $0.59. It has experienced minimal price movement in the past week, with less than a 1% gain over that period. Despite this sluggish performance, many market observers remain hopeful for an upcoming rally, particularly as the broader cryptocurrency market shows signs of life. The coin’s slow recovery following Bitcoin’s surge above $65,000 indicates that it may be biding its time for a significant breakout.
Let’s dive into the real prospects of XRP.
XRP Bull Run on the Horizon
Crypto analyst Tony Edward believes a bull run for XRP is on the horizon, despite ongoing criticisms about its stagnant price action. He recently stated on social media that the charts display positive signs, suggesting that XRP is poised for an upward movement. Supporting this view, fellow analyst CrediBULL Crypto pointed out that XRP has been consolidating for nearly seven years, which he sees as a precursor to a major breakout.
Adding to this bullish sentiment, crypto analyst Javon Marks revealed that XRP has attempted a bullish breakout over six times since late July 2024. He pointed out that the current setup reveals multiple hidden bullish divergences, potentially paving the way for a near 500% climb back to around $3.313. Marks believes a breakout from a seven-year resistance trend could spark the significant growth many investors eagerly anticipate.
Grayscale’s Impact on XRP Price
CrediBULL Crypto highlighted the formation of what he describes as the “mother of all bull flags” on XRP’s chart. He argues that this pattern is unprecedented compared to other cryptocurrencies, which have not endured such long periods of consolidation. In a discussion on the Thinking Crypto YouTube channel, he confidently projected that XRP could reach a minimum price of $10, with the potential to soar as high as $30 during its anticipated bull run.
Despite some analysts’ optimism, the market remains skeptical. Grayscale has notably excluded XRP from its Q4 top 20 crypto picks, opting for other assets like SUI, TAO, and CELO. This exclusion underscores the uncertainty surrounding XRP’s prospects.
The Ripple Lawsuit
The ongoing lawsuit between Ripple vs SEC is likely to have a big impact on XRP’s price. CrediBULL Crypto pointed out that this lawsuit, which started in 2020, has prevented XRP from reaching new highs. While recent court rulings have been in favor of Ripple, the SEC has until October 7 to decide whether to appeal a ruling about programmatic sales. This decision could further affect XRP’s performance in the market.
With bull theories doing the rounds and ripple news heating up, do you believe XRP will hit new ATH anytime soon?