XRP May Hit $1.15 After Significant Legal Success

Following a long-awaited legal triumph over the SEC, XRP, the token associated with Ripple, was expected to experience a significant price rise. However, reality has been more subdued. Since the favorable verdict on August 7th, its value has only increased moderately, climbing from $0.50 to $0.60.

Several factors contribute to the muted reaction of XRP’s price to the legal victory. The broker cryptocurrency market has recently experienced a slump, likely dampening investor sentiment towards riskier assets such as XRP. Furthermore, the lingering uncertainty surrounding the regulatory landscape for cryptocurrеnciеs influences investor caution.

Despite the current challenges, analysts remain optimistic about the firm’s prospects and anticipate a significant price appreciation for the token. A recent technical analysis by famous cryptocurrency trader xаif.03 on Platform X demonstrates a potentially bright future for XRP. He identifies a Cup and Handle pattern, a well-known indicator of a potential price rise.

The Cup and Handle pattern is formed after a round bottom (the cup) and a consolidation phase. This pattern usually results in a breakout, which raises prices. In the case of XRP, xаif.03 indicates a critical resistance level of approximately $0.63. A decisive break above this level could indicate a bullish breakout, potentially triggering a rally to higher price targets.

XRP Price Targets: Key Predictions Ahead

According to xаif.03, XRP’s initial target range after breaking the $0.63 resistance level is between $1.00 and $1.08. Furthermore, if the positive mood persists, XRP’s rally might extend to a higher target range of $1.11 to $1.15.

However, xaif.03 warns traders of potential downside risks. If it fails to break over the $0.63 resistance level, it may revert to testing lower support levels around $0.55. This support zone could act as a critical level, offering a potential floor for the price if a pullback occurs.

Other well-known cryptocurrency analysts have expressed similar optimism. DustyBC believes that XRP is poised for a breakout from a symmetrical triangular pattern. It may soar to $2.3 or higher if it breaks over the upper trendline.

Last month, JаckTheRipplеr predicted a significant rally, citing market similarities to 2017. According to the analyst, XRP saw a staggering 60,000% rally after breaking out of the symmеtric triangle in 2017. This historical precedent has led JаckThеRipplеr to predict that a similar breakout might propel it to new heights.

As of this writing, it is trading at $0.60, down 1.44% in the last day and 1.22% in the previous 30 days. Despite the short-term drop, the long-term picture for XRP appears optimistic, with several analysts expecting a significant price increase in the coming months.

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.