After a strong uptrend that catapulted XRP over the $0.585 mark, XRP’s price has been consolidating within a narrow range. Despite this, XRP bulls remain optimistic about the cryptocurrency’s prospects. Analysts like Ali Martinez believe XRP could potentially stage a significant breakout shortly.
Will XRP Reach New Yearly Highs This Month?
According to Ali, if XRP can secure a 3-day candlestick close above $0.54, it could trigger a 47% surge in price. This could potentially further push XRP’s price to the $0.80 level, which is a price point not seen for over a year from now.
However, the token has struggled to consolidate above its nearest resistance level, which has prevented it from moving higher. XRP has been trading within a tight consolidation pattern in the last few days, with a price range between $0.390 and $0.530. This range is just below XRP’s major resistance zone, which needs to be broken for the token to move into higher-price territories.
If XRP cannot break out of its consolidation pattern and move higher, the $0.450 level could be a critical support level for bullish investors. However, if XRP cannot maintain this level, the $0.417 and $0.375 levels will become important support floors to monitor in the event of a deeper retracement.
At the time of writing, XRP is trading at $0.518, representing a modest gain of 0.73% over the past 24 hours. Despite this moderate uptick, XRP’s bulls are looking for a major event to boost investor confidence and drive the token’s price even higher.
Will A Potential Ripple Win Against The SEC Propel A New Rally?
The Attorney and crypto supporter Jeremy Hogan has recently posted on Twitter why Ripple will win against the SEC. In his statement, Hogan highlights the unique value proposition of cryptocurrencies, particularly their decentralized nature. Unlike traditional financial systems, which a central authority or institution typically controls, cryptocurrencies operate on decentralized networks that are not owned by any single entity.
For Hogan, this makes cryptocurrencies like XRP an attractive investment option, as they can purchase the token without needing a contract with any specific company or institution. The attorney further suggests that the outcome of the current legal case involving Ripple and the Securities and Exchange Commission (SEC) may hinge on the judge’s understanding of cryptocurrency technology.
Hogan believes that if the judge of her law clerk has a solid grasp of the technology behind cryptocurrencies like XRP, Ripple will likely win the case. However, for the attorney, if the judge does not fully understand cryptocurrency technology, then there might be room for the SEC to regain the upper hand.
If Ripple is successful in its legal battle against the SEC, it could restore confidence among XRP holders and trigger a bullish uptrend cycle for the cryptocurrency. This could mark a turning point in the industry, leading to significant gains for the token.
Featured image from Unsplash, chart from TradingView.com