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XRP Price Predictions: Bullish Breakout and $0.75 Target Indicated by Inverted Hammer Pattern

Highlights:

  • XRP’s market cap could hit $3 trillion, says analyst EGRAG, predicting a monumental rise.
  • XRP’s RSI has reached an all-time low, suggesting a strong potential for a bullish reversal.
  • Lawyer Bill Morgan refutes claims of XRP price manipulation by Ripple through ODL sales.

XRP’s value has declined modestly by 0.10% to $0.5252. This price places XRP below the key level of $0.53, reflecting a bearish market outlook. XRP’s market capitalization now stands at about $29 billion, ranking it seventh among cryptocurrencies. 

Despite the price decline, the trading volume for XRP has increased by over 10%, amounting to $1.31 billion over 24 hours. This indicates a higher level of trading activity even amid the market downturn.

XRP to $3T? Analyst Sees Huge Potential

XRP stands out with a potential future that could see its market cap reaching $3 trillion. Crypto analyst EGRAG has spotlighted an intriguing possibility where XRP could drastically exceed the combined market cap of the current crypto market.

EGRAG’s analysis presents an ascending channel pattern known as “the White Channel,” where XRP has traded since 2017. The channel’s midpoint is $100 billion, while the upper trendline reaches $287 billion. Surpassing these marks, especially the critical midpoint, could set XRP on a path to reach and potentially break through the upper limit.

Should XRP’s market cap successfully breach the $287 billion ceiling, the implications could be significant, driving the price per token to a staggering $54.1. This scenario would represent a phenomenal increase of over 10,000% from its current valuation.

XRP RSI Hits Historic Low: What It Signals for Investors

According to monthly chart analysis, EGRAG has noted that XRP’s Relative Strength Index (RSI) has plummeted to the lowest level recorded in its trading history.

The RSI, a key indicator traders use to gauge market momentum, shows signs of an upward turn. This shift is crucial as it suggests the potential for a robust bullish phase soon. EGRAG anticipates that the RSI may climb towards 70 and potentially surpass the 80 mark.

Moreover, the current low RSI is generally seen as a positive signal within XRP’s market. It often indicates that the asset is oversold, which might attract increased buying activity, pushing the price upwards. This scenario provides a strategic opportunity for investors looking for favorable entry points in the market.

Ripple vs SEC Lawsuit Update

Bill Morgan, a lawyer advocating for Ripple’s XRP, recently challenged the negative speculation around Ripple’s Over-the-Counter (ODL) sales to clear the air of prevalent doubts within the crypto community. This comes after Ripple responded to the SEC’s request for judgment, emphasizing that their financial status should remain private and arguing against disclosing sensitive financial records.

The controversy stirred further when Ripple submitted a letter to Judge Analisa Torres, articulating that the SEC’s detailed inquiries into their financial practices lacked adequate justification. Ripple argued that such disclosures are unnecessary for the court’s decision-making on remedies, stressing the irrelevance of their financial health in this context.

Amid these developments, Morgan took to social media to address and debunk the myths surrounding Ripple’s sales strategies, particularly their alleged price impacts through ODL sales. He pointed out that the company has not engaged in price discounts for ODL transactions, which the courts might find pertinent when judging the nature of these contracts.

Furthermore, Morgan highlighted the unfounded nature of the claims that Ripple’s ODL activities could negatively influence XRP’s market price. He critiqued the ongoing misinformation campaign, asserting that ODL sales are neutrally priced and their effect on the retail market is insubstantial.

In its filings, Ripple maintained that historical contracts and their terms should remain confidential to avoid competitors’ potential misuse of this data in future negotiations.

XRP Technical Outlook

On the technical front, the Moving Average Convergence Divergence (MACD) indicator provides a modest bullish signal, although its histogram’s approach toward negative territory suggests a cautionary outlook. The Relative Strength Index (RSI), which at a reading of 48, indicates that XRP is neither overbought nor oversold, positioning it in a neutral market stance.

XRP

Moreover, the Bollinger Bands indicate a period of consolidation. With the upper band at $0.5470 and the lower at $0.5222, XRP trades within a relatively tight range, reflecting reduced volatility

Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.