Altcoin investors are watching the next levels of XRP, which has continued to rise since May 26. Historical data suggests rally up to 500x if technical moves combined with a positive SEC litigation outcome.
XRP shatters 2-year trendline
According to crypto analyst Jaydee, the recent uptrend in XRP requires particular attention as it crosses the two-year trendline, which is an important technical indicator for investors.
According to Jaydee’s analysis, in 2017, XRP suffered a significant breakout when it crossed the two-year trendline. This breakout led to a massive rally in price. XRP has seen a 504x increase in just one year. If an investor had purchased XRP at the beginning of 2017, it would have generated a return on investment of over 50,000% by the end of the year.
XRP bulls are currently chasing above the critical resistance at $0.5116. In such a case, XRP will technically clear its path towards its $258 target by 2024. However, there are multiple factors affecting this price action.
For example, the ongoing SEC and Ripple Labs litigation will significantly impact the token’s future price movements. If the case is settled in Ripple Labs’ favor, it could lead to further adoption and investment in XRP. On the other hand, the opposite result will lead to a decrease in demand and a decrease in its value.
Altcoin analysts continue to set the bar high
Crypto analyst Jaydee says that XRP will not experience a 504x surge any time soon. According to the analyst, the market cap of XRP is too high to support such a significant increase in value. XRP currently has a market cap of over $26 billion. This makes it the sixth largest cryptocurrency by market cap.
Despite these uncertainties, many investors and analysts remain bullish on XRP’s prospects. The altcoin has been significantly adopted in the financial industry, with many major banks and payment processors for cross-border transactions.
Today, we are proud to announce Ripple has acquired @metaco_sa, becoming the sole shareholder of the Swiss-based provider of digital asset custody and tokenization technology.
Learn more: https://t.co/GrI3u13iDT
— Ripple (@Ripple) May 17, 2023
Key indicators point to serious growth potentials for altcoin
According to the Average Sentiment Oscillator (ASO), the current setup for XRP is quite bullish with a few key indicators. One of the key factors contributing to this bullish sentiment is the high volatility of XRP’s market depth. This volatile volume indicates significant interest and demand for a cryptocurrency.
Additionally, there is a bullish cross that indicates that XRP will continue its upward trajectory, according to a recent analysis by Egrag Crypto. According to their analysis, even if XRP suffers a minor correction after a 20% increase, the possible support levels of $0.4810 and $0.4277 are still strong enough to prevent a significant drop in value.
Is $1 possible in the short run?
XRP is currently holding its bullish momentum, which it has maintained since May 26, above $0.50. Another crypto analyst, DonAlt, discussed whether this move could exceed $1 in his current analysis.
Is $XRP finally going to $1?
— DonAlt (@CryptoDonAlt) May 31, 2023
One of the metrics that powered XRP in this goal was this increase in address activity. This event potentially marks an uptrend for XRP. This signals a possible divergence from the broader altcoin market.
Latest developments from the SEC and Ripple case
The case, which has been running since late 2020, may be just weeks away from the final decision. Ripple CEO Brad Garlinghouse recently stated that he believes the case will be resolved in “weeks, not months”. cryptocoin.comThe predictions of pro-XRP lawyer Jeremy Hogan, which we have quoted as , match this expectation.
