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

XRP, a digital crypto protocol designed for cross-border payments, has registered unimpressive market and price variables over an extended period, making the coin holders rethink their investment choices.

For context, XRP’s market readings, according to popular crypto assets price tracker website CoinGecko, revealed the digital asset to change hands at about $0.53, reflecting a 0.1% upswing in the past 24 hours.

XRP Price Chart

Aside from its 24-hour-to-date statistics, all other indices for specified periods registered losses for XRP, underscoring its price stagnancy over many years.

Meanwhile, while XRP’s price readings might seem unattractive, the coin possesses massive potential for a bullish breakout, as speculated by the cryptocurrency’s enthusiasts and other market analysts.

XRP’s Bullish Breakout Confirmed By Inverted Hammer Formation

Among market watchers and analysts who have remained consistently bullish on XRP’s price expansion potential, Egrag Crypto appears to top the list; he recently shared a new price analysis to his over 59.7K followers, citing the appearance of an inverted hammer formation on XRP’s price chart.

According to Egrag, an inverted hammer formation on price charts indicates an imminent XRP’s bullish break out that would catalyze the token’s price ascent towards new price highs, breaking several Resistance levels in the process.

Going further, Egrag highlighted the importance of the monthly time frame candle formation, which he noted reflected a 75% inverted hammer formation at the bottom for last month. “This is an amazing sign that $0.75 is coming in no time, and July 2024 is going to be the month of fireworks,”  Egrag explained.

XRP’s Bullish Breakout Hindered By Protracted Lawsuit

Unlike most cryptocurrencies with unexplainable poor market outlook, XRP’s poor run over the past few years was hinged to the protracted lawsuit between the United States regulatory body, the Securities and Exchange Commission (SEC), and Ripple, XRP’s biggest distributors.

Since December 2020, the U.S. SEC has been at loggerheads with Ripple, with the bone of contention stemming from XRP’s institutional sales, which the regulatory body tagged as a breach of regulatory guidelines.

Related: SEC’s Ethereum ETF Approval Could Propel XRP to $1 Amid Market Optimism

Profound Impact Of The SEC’s Lawsuit In The 2021 Market Rally

Notably, the lawsuit dealt a significant blow to XRP in the 2021 bull season that saw it fail to revisit or possibly establish a new all-time high (ATH), which it attained in 2018. Consequently, when most crypto assets recorded tremendous price appreciation actions, XRP was registering boring price variables, compounding the coins’ holders’ situation.

On the bright side, Ripple has scored a few victories in its legal dispute with the SEC, with the most significant win occurring in July 2023, culminating in XRP’s attainment of its $0.9 ATH for 2023. Currently, all indications seem to hint at the lawsuit concluding this year, which could catalyze XRP’s price appreciation.

To prevent a repetition of how the 2021 bull season played out, XRP enthusiasts, especially its owners, are holding onto the singular hope stemming from the speculations that the legal dispute will end this year. Should the court case escalate, XRP is at a high risk of missing out on another market rally.

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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.

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