Analyst Egrag Crypto believes that Ripple XRP has formed a pattern which could indicate an imminent rally. Crypto analyst Egrag Crypto has displayed the historical phases of consolidation for the coin, which indicates a rally in price to $7.29. To reach $7.29 at current levels, a rise of 900% is expected.
Also Read: Germany’s Stock Exchange Projects Ripple XRP To Reach $10
XRP’s performance has been impacted by significant challenges over the past few years. Ripple is likely to be responsible for this due to its ongoing legal battle with the Securities and Exchange Commission of the United States.SEC).
Ripple’s XRP token will take off.
Sean McBride is the former Ripple Director. He believes that the cryptocurrency won’t move until the case has been resolved. McBride called anyone who believes otherwise a liar. “delusional.”
Also Read: Ripple’s XRP Won’t Rally Until This Happens: Ex-Director Explains
In 2013, a US district judge ruled in Ripple’s favor, stating the sale of XRP by retail clients was not in violation of securities laws. The price of the token began to increase shortly after the decision was made, but the rise did not continue. Since then, prices have fallen and not risen.
Investors also await the ruling of Judge Torres in SEC v. Ripple. This case is currently being heard in the High Court. If Ripple is chosen again, the price of XRP could reach new highs. Asset has not recovered since January 2018 when it reached its highest point. That was more than six-years ago. A favorable decision could reverse this trend and lead to a higher high.
Other factors can also influence the price of XRP. XRP’s price could also be influenced by other factors. If Bitcoin’s (BTC) current trend breaks and it starts to climb, then XRP could also gain ground.
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Source: watcher.guru