XRP price has crossed the $0.56 mark today, as optimism soared amid speculations that the US SEC missed the “deadline” to file the Form C in its appeal in the Ripple SEC lawsuit. Amid the ongoing rally, a prominent crypto market expert has shared a bullish outlook for Ripple’s native crypto. The analyst predicts that the crypto could hit $1.5 in the short term, further bolstering market confidence.

Top Analyst Predicts Robust XRP Price Rally Ahead

XRP has noted highly volatile trading lately, amid the ongoing tensions over the Ripple SEC case. For context, the US SEC filed an appeal earlier this month, potentially extending the already long-running battle. In response, Ripple has also filed a cross-appeal, which has boosted market sentiment and indicates the firm’s confidence in the legal fight.

However, amid this, renowned crypto analyst EGRAG CRYPTO forecasts a significant XRP price surge, targeting $1.4679. In a recent X post, EGRAG shared a bullish crypto chart and predicted a robust rally in the coming days. According to his analysis, XRP is poised for a breakout within the next 15 to 30 days, driven by building pressure.

Meanwhile, EGRAG identifies a crucial resistance level between $0.61 and 0.62, which, if breached, could spark a major price uptick. Notably, he said that the crypto’s current consolidation within overlapping triangle formations indicates a tension between buyers and sellers.

In addition, the analyst has further fueled optimism with his long-term prediction of the crypto. For context, he also said that Ripple’s native crypto could hit the $7.5 mark in the long run, with $1.5 as the short-term target. However, it’s worth noting that failure to break out above the “Genuine Wake-Up Line” and falling below the “Atlas Line” could signal a bearish turn.

Source: EGRAG CRYPTO, X

Will Price Continue To Rally Amid Ripple SEC Case?

XRP price today was up nearly 4% during writing, and exchanged hands at $0.5577, while its one-day trading volume soared 12% to $1.35 billion. The crypto has touched a high of $0.5635 in the last 24 hours, indicating the growing market confidence. Besides, XRP Futures Open Interest rose nearly 4% to $781.25 million, according to CoinGlass data.

However, despite the recent rally and bullish forecast from EGRAG CRYPTO, some investors remains on edge. The market participants are keeping a close track on the Ripple SEC case, for potential cues on the future movements of the crypto.

For context, the optimism has soared today initially, after speculations mount that the US SEC missed the deadline to file FORM C in its appeal. Commenting on the legal battle, Ripple CLO recently said that the agency has a deadline of October 16, and yet no filings have been made by the regulatory body.

Despite that, recent discussions, as highlighted by FOX Journalist Eleanor Terret, showed that the SEC might have till October 18 to file the FORM C. For context, if the “14-day deadline” is counted from the day of appeal docket, i.e. October 4, the agency’s deadline could be on Friday.

Source: Eleanor Terrett, X

Meanwhile, many in the market remained bullish despite the legal developments. For instance, Bitcoin crossed the $68k mark recently, with experts predicting a new ATH for the crypto. Following suit, other top altcoins also rallied recently, indicating strong market confidence. Besides, a flurry of investors said that the “Uptober” rally has already started.

Having said that, XRP, among others, could continue to rally amid the positive sentiment hovering in the market. Besides, the upcoming US Presidential Election could also bolster market sentiment, sending Ripple’s native crypto to the target level of $1.5.

The post XRP Price Set To Rise In Number Of Days, $1.5 Predicted appeared first on CoinGape.

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Filed under: News - @ October 17, 2024 7:25 am