According to analysts, XRP’s price may experience a significant increase in the near future. The recent positive performance of XRP is attributed to a declaration by US Judge Analisa Torres that secondary sales of the cryptocurrency on exchanges do not qualify as securities.
Although the initial price surge subsided, XRP has managed to retain most of its gains. Crypto analysts have observed similarities between the price trends of XRP in 2017 and the present, suggesting the potential for a massive rally. Notably, in both instances, XRP’s price reclaimed the 20-day and 50-day Simple Moving Averages (SMAs), a rare occurrence on the BTC chart.
“The last time we saw a bullish claim of these two SMAs on the monthly timeframe was 2017. The biggest Bull Run in $XRP history,” the analyst explains. If history does repeat itself, then the cryptocurrency’s price could be poised for a massive rally from here.
This is the first time we have seen this for $XRP in 5 years! 😱$XRP / $BTC on the monthly timeframe has reclaimed the 20 and 50 SMA. 📈
Not only this, but it has also wicked back to the 50 SMA to test it as support (if we continue to hold out the month). 🎯
The last time we… pic.twitter.com/d5zjzwcTvm
— Cryptoinsightuk (@Cryptoinsightuk) August 13, 2023
One analyst predicts that XRP’s price could rise to $3, although there may be initial hurdles and a temporary decline to around $0.58. The positive ruling by Judge Torres has attracted increased attention to XRP, which could act as a catalyst for further price growth. As of now, XRP is trading at $0.6258, reflecting a 0.34% loss on the weekly chart.
Hi all. We set a historical pattern 3 months back & this week, #XRP stands fantastically at the same price level now.
I know it sounds crazy but check below.
The wave trend indicates we can still touch $0.58 & hit $3 (NFA) in the same week, says historical pattern.
Jeez. pic.twitter.com/byPwgriN8c
— Dark Defender (@DefendDark) August 14, 2023
Source: BITCOINST
