- Technical analysis suggests XRP may experience a significant price surge, reminiscent of its 2017 performance.
- Legal issues and bullish market fundamentals are crucial for XRP’s potential future rally.
Good Morning Crypto, an influencer and cryptocurrency enthusiast, recently shared a technical analysis suggesting the potential for a major price increase in XRP.
XRP, the native cryptocurrency of Ripple, has been consolidating for a long time, especially because the continuous Ripple vs. SEC lawsuit has stopped its price from rising even during the 2021 bull run.
XRP’s Historical Patterns and Future Potential
The influencer said that XRP fell below a three-year line support level back in 2017 before skyrocketing 70,000% over just 240 days, ranking most among all digital assets in 2018.
Good Morning Crypto asked a crucial question: “Did We Just Witness The Final Shakeout On XRP Price Chart?” According to his analysis, a similar technical trend can point to yet another significant XRP price increase that is not too far off.
🚨 $XRP THE FINAL SHAKEOUT 🚨
In 2017 Before Gaining 70,000% In Only 240 Days, #XRP Dipped Below a 3 year Line Support Before Being The Top Performing Digital Asset In 2018 !! 💥🚀
Did We Just Witness The Final Shakeout On XRP Price Chart ?? 🤔💭
Image Source: @ludnlxrp… pic.twitter.com/QSfNpgzqVu
— Good Morning Crypto (@AbsGMCrypto) July 5, 2024
But for this bullish view to come true, XRP and Ripple’s legal problems have to be satisfactorily settled. Furthermore, very important for supporting XRP’s possible surge would be the general optimistic sentiment in the global crypto market.
Current Market Performance
XRP is trading at about $0.435 as of right now, a 5.35% rise over the last 24 hours. Particularly considering a bearish week, this rebound is notable. Many members of the crypto community have noticed the recent increase in XRP’s price.
CNF previously reported that notable pro-XRP attorney Bill Morgan had bought more XRP tokens when the price was still above $0.40. This action reflects great faith in XRP’s future and fits the technical analysis, implying a possible price explosion.
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