As Ripple’s ongoing case continues to dominate headlines in the cryptocurrency industry, experts are evaluating potential price points based on technical patterns rather than solely relying on the outcome of the SEC lawsuit. Analysts like EGRAG CRYPTO have pointed out a bullish candle formation called the quarterly hammer. According to their analysis, for XRP to experience a significant price increase, it needs to close the next three-month candle above the $0.55 – $0.58 range within the next ten days. This could potentially trigger a “mega pump” in the price, but considering the current price action, achieving this milestone may prove to be challenging.
EGRAG CRYPTO has further speculated on the impact of the Hammer formation on XRP’s price. They suggest that if the first Hammer formation is completed, a rally towards the $8 level could begin as early as July. Looking ahead, the analyst predicts that completing a second hammer formation within six months could propel XRP’s price to an impressive $27. However, the next ten days will be critical in determining whether these price targets are achievable.
Despite the potential for significant price movements, XRP has been trading within a narrow range for the past few weeks and has struggled to break free from this pattern. This indicates that the upcoming price movement is likely to be substantial, but it remains uncertain whether the bulls will be able to seize control. Additionally, the broader crypto market is currently experiencing a bearish trend, which could also impact Ripple’s price in the coming days.
Overall, while the outcome of the SEC lawsuit against Ripple will undoubtedly influence XRP’s price, technical patterns and market trends are providing analysts with valuable insights into potential price movements. As investors eagerly await the next developments in the case and closely monitor XRP’s price action, the cryptocurrency industry remains on edge, anticipating the impact of these factors on Ripple’s future.
Leave a Reply