Is a massive rally to $16.89 on the horizon?
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NAIROBI (CoinChapter.com) — Cryptocurrency enthusiasts are optimistic about the future of XRP, believing that the current period is the “final shakeout” and that there is significant profit potential ahead. This sentiment arises as the Ripple-SEC lawsuit approaches its final settlement.
XRP/USD 1-day price chart. Source: CoinMarketCap
Ripple (XRP) is currently trading at $0.4368, recovering from a recent low of $0.3911, its lowest point in over a year. This price recovery has caught the attention of market observers, who are sharing historical charts that demonstrate XRP’s explosive growth in 2014 and 2017.
During these periods, XRP experienced significant surges, reaching an all-time high (ATH) of $3.84 in 2017.
Analysts Predict Major XRP Rally Amid “Final Shakeout” Phase
Analysts have noticed patterns in XRP’s price movements that resemble its historical performance. The term “final shakeout” describes the current phase, where the price undergoes a significant correction before a potential surge.
A chart shared by analyst Crypto Barbie on X illustrates a classic shakeout pattern, suggesting that selling XRP now could mean missing out on an imminent surge.
In the short term, analysts predict that XRP could rally to $1.44. A breakout at this level might trigger a more aggressive bullish phase. In an optimistic scenario, CryptoGeek forecasts that XRP could skyrocket to $16.89.
Analysts remain bullish on XRP prices. Source: CryptoGeek
Despite recent declines, with XRP down 8% in the past week and 17% over the past month, analysts remain hopeful. CryptoGeek highlights historical precedents where XRP experienced explosive growth, sometimes surging over 110,000%.
Technical indicators such as the Relative Strength Index (RSI) and hidden bullish divergence suggest underlying strength and the potential for an imminent breakout in XRP’s price.
Impending Lawsuit Resolution as a Catalyst
The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has created uncertainty about the future of the company. Ripple is facing allegations of conducting an unregistered securities offering through its sales.
XRP price could get a boost if the Ripple vs SEC lawsuit goes its way. Source: Crypto Barbie
Pro-XRP lawyer Fred Rispoli has suggested that the ruling by Judge Analisa Torres may be issued on July 31. Rispoli also noted that July 13 could be a possible date, given its significance in the XRP community. On this day in 2023, Judge Torres ruled that XRP is not a security.
The date holds sentimental value as it marks the anniversary of the ruling. However, Judge Torres also ruled that Ripple’s institutional sales of XRP violated Section 5 of the Securities Act. This aspect of the case awaits a final verdict this month.
Yassin Mobarak, the founder of Dizer Capital, has also predicted that Judge Torres will issue the final judgment this month. As anticipation builds, experts expect XRP to embark on a rally that could potentially surpass its six-year-old ATH in the coming days.