Based on the bullish momentum witnessed in the crypto market, XRP has found the right footing after breaching the psychological price of $0.55.

XRP was up by 16% in the past week to hit $0.55 at press time, according to CoinGecko.

Taking to X, formerly Twitter, top analyst EGRAG pointed out that XRP was eyeing the creation of a mega ascending triangle that could see the fifth largest cryptocurrency surge to highs of $1.4.

Source:EGRAG

The analyst highlighted that XRP had successfully formed a minimum ascending triangle in June, which triggered a perfect breakout to the $0.93 level in July.

Therefore, EGRAG believes XRP is in full gear to form the mega ascending triangle that could enable the cryptocurrency to scale between $1.3 and $1.5.

Nevertheless, XRP must first breach a significant resistance level between $0.75 and $0.87 because it’s a notable supply area.

XRP’s Odds are Bullish

After XRP was deemed not a security by a US court, the cryptocurrency has been making airwaves as its future looks bright.

Furthermore, Ripple, the company behind XRP, has been sealing strategic partnerships in the central bank digital currency (CBDC) and cross-border payment spaces.

For instance, Ripple recently joined hands with the digital asset platform Uphold to propel its cross-border payment solutions by leveraging the firm’s liquidity infrastructure.

Therefore, Ripple’s partnerships are painting a bullish picture for XRP, with pundits stipulating that a surge to the psychological price of $1 was inevitable.

This narrative is seconded by the fact that leading crypto lawyer Jeremy Hogan recently acknowledged that the fierce legal battle between the United States Securities and Exchange Commission (SEC) and Ripple was over, as reported by ZyCrypto.

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Filed under: Bitcoin - @ October 27, 2023 8:21 pm