TL;DR
- Analysts predict a bullish future for XRP based on technical analysis and surpassing resistance levels.
- The ongoing legal battle between Ripple and the SEC is crucial to XRP's trajectory, but resolution of the case may not happen this year.
Is XRP about to join the party?
Despite rising 20% in a week, Ripple's XRP still can't compete with the recent gains seen by Bitcoin (BTC) and many altcoins, especially meme coins. Nonetheless, some of the top analysts who watch the asset's trajectory daily remain convinced that an uptrend could be on the horizon.
User X Dark Defender claims that XRP has been “strictly loitering” around the Fibonacci level of around $0.64, while important indicators such as MACD (Moving Average Convergence Divergence) and Ichimoku suggest further upside. According to the latest analyst forecast, the token's valuation could exceed the $1 mark by early April.
Alex Cobb also weighed in: argue that XRP could explode to an all-time high in the coming months if it breaks the key resistance level around $0.63. Recall that the asset exceeded this zone a few hours ago and is currently oscillating at $0.65 (according to CoinGecko data).
EGRAG CRYPTO also gave its two cents, describing a long-term forecast. According to the analyst, XRP is poised for a substantial rise over the next six years, potentially surpassing $10 by 2030.
What can fuel XRP’s potential rally?
Perhaps the most obvious factor that could trigger a rise in XRP is the outcome of the lawsuit between Ripple and the United States Securities and Exchange Commission (SEC). The company currently has the upper hand, scoring three vital partial court victories last year, with its token positively react after each one.
The trial between the entities is scheduled for April 23, 2024, but that doesn't necessarily mean the legal battle will be over this year. ChatGPT recently estimated that potential delays on both sides could delay the outcome until 2026.
Those interested in finding out what important signs suggest that XRP is ready to explode in 2024, please take a look at our dedicated video below:
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