- Recent SEC ruling declares XRP “not a security,” boosting investor confidence.
- Analyst forecasts XRP could reach $3 to $5 if it breaks out from a multi-year symmetrical triangle pattern.
- Analyst identifies $0.75 as crucial for confirming a bullish trend in XRP.
In a recent analysis, a popular crypto analyst, ‘World Of Charts, ‘ shared an optimistic forecast for XRP. As per him, owing to a mix of positive legal verdicts and some promising technical patterns, XRP is all fueled up to register huge price gains.
XRP recently made headlines when it was declared “not a security” by the U.S. Securities and Exchange Commission (SEC). The ruling brought an end to a long-standing legal battle that had cast a shadow over cryptocurrency for years.
The resolution of this case, which included the fine, is major win not just for XRP but to the broader cryptocurrency market. Thus, removing a major legal hurdle by this decision, XRP had already regained investor confidence and was resuming its upward trajectory.
But the legal victory is only half the story. According to “World Of Charts,” the price chart of XRP is a textbook example of a multi-year symmetrical triangle pattern. This technical formation, which often precedes large price movements, could foreshadow that XRP is close to seeing a major breakout. In such an event, the analyst expects this breakout will push the token into the $3 – $5 range.
At the time of writing, the token is trading at $0.57707, with a 24-hour trading volume of $5.25 billion. The cryptocurrency currently holds a market capitalization of $31.99 billion. Despite a recent 6.02% decline in its price over the past 24 hours, the overall sentiment around the token remains positive, driven by the anticipation of a bullish breakout.
Analyst Eyes Key $0.75 Level For XRP
In a recent analysis, a prominent cryptocurrency analyst known as Hov shared insights on XRP. Despite a generally optimistic outlook for the long term, Hov’s focus was on the near-term movements of the token, providing a detailed low-time-frame analysis.
According to Hov, the token has experienced a significant upward movement, climbing over 30% from an initial entry level of $0.47. The analyst emphasized the importance of observing how this microtrend develops, noting that XRP has already made a three-wave move since the entry. To solidify this upward momentum, Hov anticipates the need for at least one more wave, which would complete a five-wave structure.
Hov pointed out that the key level to watch is $0.75, describing it as a critical threshold for bulls. Achieving this level would not only represent a strong upward move but also have the potential to turn a previous resistance area around $0.63 into a new support level. This would be crucial in reinforcing the ongoing bullish trend.
Moreover, Hov mentioned that the current wave structure could form a flat correction, specifically an expanded flat or running flat. The move to the $0.75 level would be key as it validates this correction pattern and strengthens the bullish case for the token.
Although the long-term outlook for XRP stays upbeat, its near-term price action will turn out to be very critical. The capacity of the token to strike and remain at levels close to $0.75 would suggest the prevailing uptrend is still strong, relevant to investors and traders alike.
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