CDS Crypto News XRP Price Surge: Could a 75% Rally Be on the Horizon?
Crypto News

XRP Price Surge: Could a 75% Rally Be on the Horizon?

195
Xrp Price Surge: Could A 75% Rally Be On The Horizon?

XRP Price Soars as Ripple Secures Legal Win—Will It Continue to Surge?

XRP Price Surge – XRP has seen a 30% price recovery in the last two weeks, primarily driven by the overall crypto market rebound and the conclusion of Ripple’s long-running legal battle with the US Securities and Exchange Commission (SEC). As of March 21, XRP reached $2.41, entering a classic bullish continuation pattern that could indicate further gains in the coming weeks.

XRP Forms Symmetrical Triangle, Eyes 75% Rally

XRP’s price is currently developing a symmetrical triangle pattern, a well-known bullish continuation setup in technical analysis. The symmetrical triangle forms after an uptrend and indicates a period of consolidation, with converging trendlines acting as boundaries for price movement. According to technical rules, the pattern resolves when the price breaks above the upper trendline, potentially leading to a price increase proportional to the height of the triangle. As of March 21, XRP has bounced off the lower trendline and is targeting a rise toward the $2.35 level by April. If the breakout occurs, XRP’s price could soar to $4.35 by June, representing a 75% increase from current levels.

Xrp Price Surge: Could A 75% Rally Be On The Horizon?
Source: Amonyx

Ripple’s Legal Developments Boost XRP Sentiment

Ripple’s legal developments have provided additional support to XRP’s bullish outlook. On March 21, XRP surged 7.85% to hit $2.41, following the SEC’s withdrawal of its appeal against Ripple. The cryptocurrency also saw positive momentum after Bitnomial, a crypto exchange, voluntarily dropped its lawsuit against the SEC and launched the first CFTC-regulated XRP futures contracts in the U.S. These futures contracts allow traders to speculate on XRP’s price without holding the token directly, thereby increasing market liquidity and activity.

Xrp Price Surge: Could A 75% Rally Be On The Horizon?
Source: Alva

However, Ripple still faces a legal challenge in the form of an injunction that prevents it from selling XRP directly to institutional investors. This legal hurdle may restrict Ripple’s ability to distribute XRP to banks and financial institutions, potentially limiting the company’s growth in the institutional market.

In conclusion, XRP’s bullish technical setup combined with positive legal developments positions the cryptocurrency for potential strong price growth in the near future. However, market participants should be cautious of the legal obstacles that remain.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.

Xrp Price Surge: Could A 75% Rally Be On The Horizon?
Written by
Ecem EFE

Since 2022, Ecem has been creating digital content, combining her passion for technology with writing. Continuing her education in the Mathematics department, Ecem focuses on producing in-depth content on areas such as blockchain, artificial intelligence, and cryptocurrency. She aims to simplify these topics and present them to a wide audience, sharing valuable insights into the crypto industry through her writing. With her innovative content, she strives to raise awareness in the digital world.

Leave a comment

Leave a Reply

Related Articles

Tesla Weekly Rally: How New Self-Driving Rules Fueled the Boom?

For more information about Tesla weekly rally and current price movements, please...

Bold BTC Price Prediction: Ark Invest Unleashes Shocking Forecast Based on New Data

For more information about Ark Invest's bold BTC price prediction, please visit...

VeChain News- VeChain Staking Program: A Game-Changer for Token Holders

VeChain introduces a new staking program with a 5.3 billion VTHO reward...

Nvidia Surges in Stock Price as Alphabet’s Strong Earnings Fuel Market Confidence

Nvidia's stock climbed on Friday as investors reacted to strong earnings reports...

Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.