The XRP market has recently attracted significant attention from speculative traders amidst a surge in interest in altcoins. With the breakout observed in the market, various cryptocurrency analysts have voiced differing opinions on the future price action of XRP following a consolidation phase in a symmetrical triangle. While the bullish outlook for XRP appears favorable from a macro perspective, short-term price movements remain a subject of dispute.
Furthermore, it is important to note that the SEC vs Ripple legal battle is not yet concluded, as the SEC retains the possibility of appealing the summary judgment. Currently, no trial date or pre-trial deadline has been set, and legal experts believe that Ripple could potentially avoid an appeal by paying a fine, provided the ODL (On-Demand Liquidity) market remains unaffected.
Bullish Price Outlook for XRP
A prominent cryptocurrency analyst on TradingView, Tolberti, who boasts a following of over 23k users, has put forth a bullish perspective for XRP’s price action. Tolberti suggests that the XRP market could experience an 83-350 percent surge following its recent breakout.
The analyst explains, “There is a high probability of another 83% pump to reach 1.3244 in the coming days or weeks. This target is significant as it aligns with the 0.618 Fibonacci retracement level from the previous major wave. Additionally, a trendline stretching from 2018 to 2021 acts as dynamic resistance, but it coincides with the specified Fibonacci level.”
However, the analyst also notes that the realization of this bullish outlook may take several months, considering the increased volatility associated with XRP.
