XRP Set To Skyrocket 47% If Key Resistance Breaks, Analyst Suggests
April 11 2023 - 4:30PM
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After a strong uptrend that catapulted XRP over the $0.585 mark,
XRP’s price has been consolidating within a narrow range. Despite
this, XRP bulls remain optimistic about the cryptocurrency’s
prospects. Analysts like Ali Martinez believe XRP could potentially
stage a significant breakout shortly. Related Reading: Stellar
Breaks Long-Term Resistance, Recovery Underway? Will XRP Reach New
Yearly Highs This Month? According to Ali, if XRP can secure a
3-day candlestick close above $0.54, it could trigger a 47% surge
in price. This could potentially further push XRP’s price to the
$0.80 level, which is a price point not seen for over a year from
now. However, the token has struggled to consolidate above
its nearest resistance level, which has prevented it from moving
higher. XRP has been trading within a tight consolidation pattern
in the last few days, with a price range between $0.390 and $0.530.
This range is just below XRP’s major resistance zone, which needs
to be broken for the token to move into higher-price territories.
If XRP cannot break out of its consolidation pattern and move
higher, the $0.450 level could be a critical support level for
bullish investors. However, if XRP cannot maintain this level, the
$0.417 and $0.375 levels will become important support floors to
monitor in the event of a deeper retracement. At the time of
writing, XRP is trading at $0.518, representing a modest gain of
0.73% over the past 24 hours. Despite this moderate uptick, XRP’s
bulls are looking for a major event to boost investor confidence
and drive the token’s price even higher. Will A Potential Ripple
Win Against The SEC Propel A New Rally? The Attorney and crypto
supporter Jeremy Hogan has recently posted on Twitter why Ripple
will win against the SEC. In his statement, Hogan highlights the
unique value proposition of cryptocurrencies, particularly their
decentralized nature. Unlike traditional financial systems, which a
central authority or institution typically controls,
cryptocurrencies operate on decentralized networks that are not
owned by any single entity. For Hogan, this makes
cryptocurrencies like XRP an attractive investment option, as they
can purchase the token without needing a contract with any specific
company or institution. The attorney further suggests that the
outcome of the current legal case involving Ripple and the
Securities and Exchange Commission (SEC) may hinge on the judge’s
understanding of cryptocurrency technology. Hogan believes
that if the judge of her law clerk has a solid grasp of the
technology behind cryptocurrencies like XRP, Ripple will likely win
the case. However, for the attorney, if the judge does not fully
understand cryptocurrency technology, then there might be room for
the SEC to regain the upper hand. If Ripple is successful in
its legal battle against the SEC, it could restore confidence among
XRP holders and trigger a bullish uptrend cycle for the
cryptocurrency. This could mark a turning point in the industry,
leading to significant gains for the token. Related Reading: 4.5
Million Aptos To Be Released Into Circulation On Wednesday, What
This Means For APT Featured image from Unsplash, chart from
TradingView.com
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