Analyst predicts XRP will reach 07 in the near future
A cryptocurrency analyst has suggested that XRP still has room to grow, thanks to its significant technical and fundamental developments. In a recent post on TradingView, RLinda highlighted that XRP is on the verge of a potential breakout that could push its value above $0.70. RLinda noted that XRP has been trading within a wedge pattern, encountering resistance and showing signs of consolidation. From a technical perspective, RLinda pointed out that XRP is consistently testing the wedge resistance. Despite decreased volatility, buyers have managed to maintain a support level of $0.4637, preventing the price from dropping further. This consistent support increases the chances of another retest of the resistance, which could result in a breakout. RLinda identified a consolidation above $0.4962 as a crucial indicator of a market shift, potentially propelling XRP to targets of $0.6265 to $0.73. The identified support and resistance levels are important markers for traders. The analyst expects buyers to soon overcome the bearish resistance and rally towards the projected targets. If XRP consolidates above $0.4962, it could pave the way for a significant price movement, with a surge to $0.73 being a possibility. The ongoing SEC v. Ripple litigation is another crucial factor affecting XRP’s price, according to the analyst. A favorable resolution could trigger a substantial price rally and have significant implications for cryptocurrency regulation. Ripple’s CEO, Brad Garlinghouse, believes that a final verdict in the case might be reached by the end of the summer. It is important to note that a move towards $0.70 is crucial for reviving investor interest in XRP, as the token has faced doubts about its sustainability due to its lack of significant price momentum. However, TradingShot, a crypto analyst, suggests that XRP’s historical trading patterns indicate that rumors about its demise may be premature. At present, XRP is trading at $0.47, with a daily loss of 0.70% and a weekly decline of 2.5%. Overall, XRP has struggled to reclaim the $0.50 zone and is currently encountering strong support at $0.45. Maintaining this support level is crucial for XRP to regain its value of $0.50.
