XRP price has been in a bullish rally in the last 24 hours despite brief bearish dips that were nullified after support at $0.6105 was established. At press time, XRP was changing hands at $0.6296, a 1.40% surge from the intra-day low.
XRP/USD 24-hour price chart (source: CoinMarketCap)
One of the major factors influencing market sentiment around XRP is Ripple's ongoing legal battle with the US Securities and Exchange Commission (SEC). The outcome of this legal saga is anticipated to have significant repercussions on XRP's price trajectory. The uncertainty surrounding the lawsuit has led to fluctuations in XRP's value, with investors closely monitoring any developments in the case.
The recent revelation of a potential $2 billion fine for Ripple in its lawsuit with the SEC has added to the complexity of the situation. However, investors are concerned about the impact of Ripple's legal issues on XRP's market performance. The relationship between Ripple and XRP is under scrutiny due to this legal battle, with uncertainties persisting about the future regulatory landscape for the cryptocurrency.
Despite recent modest gains, analysts remain optimistic about XRP's future price trajectory. Several experts have predicted a significant price surge for Ripple's XRP, with targets ranging from $1 to $6. These predictions are bolstered by expectations of a bullish market cycle and the upcoming Bitcoin halving, which historically has been followed by a massive resurgence of the entire cryptocurrency market.
Analysts such as Mikybull Crypto and Vandell AlJaraah believe that XRP is on the verge of a price explosion, citing the conclusion of a retest phase and the onset of a bullish cycle. Additionally, Dark Defender and EGRAG CRYPTO have outlined bullish forecasts, with expectations of XRP hitting $1 next month and potentially rising to $1.40 in the following weeks.
Recent on-chain activity and whale transfers have also fueled speculation about XRP's price movement. Significant movements of XRP by Ripple, including a transfer of 130 million XRP ($79 million) to another wallet, have raised concerns among market participants. While the transferred XRP remains untouched at the time of writing, investors are closely monitoring its movement and potential impact on XRP's price.
Additionally, whale transfers involving the relocation of 153 million XRP in the past 24 hours have sparked speculative buzz among crypto market traders and investors. The uncertainty surrounding Ripple's legal battle with the SEC, coupled with the recent on-chain activity, has contributed to mixed sentiment among XRP whales and market participants.
Technical analysis, in addition, corroborates the bullish outlook for XRP, with several key indicators aligning in favor of a potential uptrend. The analysis highlights that XRP has previously broken out of a channel-down pattern, signaling a bullish trend reversal. Furthermore, the cryptocurrency has surpassed its 200-day moving average, confirming the establishment of an uptrend.
XRP/USD price chart
The near-term outlook for XRP is bullish, with a potential upside of +25% to $0.75 and a possible extension to $0.92 if resistance is broken. However, investors should remain cautious as the cryptocurrency market continues to evolve, with potential catalysts and market sentiment playing significant roles in XRP's price action.
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