XRP Analyst Thinks The Coin Is Ready To Skyrocket By 21,000% To Over $150
31 Julho 2024 - 3:00PM
NEWSBTC
XRP is one of the top performers, looking at the performance over
the last three weeks. After sinking below $0.40 in early July, the
coin has rebounded sharply, adding 60%. As the coin outperforms
leading altcoins like Solana and Ethereum, for example, there could
be more room for growth. Is XRP Ready For $150? Analyst Thinks So
From the daily chart, XRP is trending above key reaction levels.
Notably, the close above $0.55 (now key support) reversed losses
posted in mid-April. Additionally, the confirmation of recent gains
and the close above $0.62 earlier today could spur demand,
extending gains toward $0.74 and eventually $1. Related Reading:
Analyst Says ETH Price Will Struggle As Spot Ethereum ETFs
Expectations Crash As optimism reigns, one analyst on X thinks the
coin is preparing for sharp gains in the coming weeks and months.
Sharing a price chart, the analyst said XRP is breaking out from
the local resistance and the multi-year resistance trend line. From
his analysis, the trader said XRP just broke from a “massive, 2,351
days resisting trend.” The breakout from the bull flag anchored at
the swing high, when prices rose to all-time highs of over $3.20,
and the swing low, $0.16, when the coin plunged to $0.16 in 2021,
is crucial. In the analyst’s estimation, XRP is now preparing for
more gains that could propel the coin to $150 for an over “21,000%
climb” from spot rates. Settlement Of United States Versus SEC Case
Crucial It remains to be seen how prices will behave going forward.
However, one of the key drivers of demand in the coming days and
weeks will be the outcome of the ongoing case pitting Ripple and
the United States Securities and Exchange Commission (SEC). Despite
the partial win in July 2023, the regulator wants Ripple to pay a
huge penalty of $2 billion. However, things are evolving fast, with
Ripple lawyers defending that XRP is not an unregistered security
as the regulator alleged. The United States SEC is being accused of
regulation by enforcement, forcing crypto innovation elsewhere.
During the last Bitcoin conference, former President Donald
Trump said if he took over, his administration would fire Gary
Gensler, the current head of the Commission. Trump said his plan
would be to make America the leader in crypto and even establish a
BTC reserve. Related Reading: Render Continues To Flash Red In All
Timeframes – What’s Going On? Brad Garlinghouse, the CEO of Ripple,
has been critical of the United States SEC. After the agency
requested the court to retract their classification of some
altcoins, including ADA and SOL, as unregistered securities,
Garlinghouse claimed the agency has been acting to fulfill a
“political agenda and/or acting on bad faith” against crypto
players. Feature image from DALLE, chart from TradingView
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