Crypto analysts Ben Armstrong and Sohrab Khawas shared their short-term expectations for the 4 altcoins in the top 10. Analysis suggests that the Ripple victory on July 13 set the stage for the rally.
Ben Armstrong identifies promising opportunities for 3 rooted altcoins
Crypto analyst Ben Armstrong, known as Bitboy, highlighted the potential of Polygon, Ethereum, XRP and Cardano in his latest analysis. These well-established altcoins offer promising opportunities for investors with their unique technologies and compelling use cases.
With its recent win against the SEC, XRP got Bitboy’s vote of confidence. Focusing on the banking industry, XRP stands as a strong force in the cross-border payments landscape. Also, its legal statement that it is not a security is already driving its price up. XRP also gained more than 5% on July 19.
Cardano, on the other hand, makes its way into the list thanks to its impressive scientific philosophy and strong development approach. Bitboy highlights ADA’s plans for smart contract functionality and financial inclusion. ADA price is currently in an uptrend of around 2%. It gained over 5% over last week.
Ripple victory was the main development that led analysts to bullish expectations
Finally, Bitboy drew attention to the recent court decision in favor of Ripple. He pointed to a potential trend that blockchain companies could successfully argue against securities classifications. This lawsuit against Ben will set a precedent for other cryptocurrencies like Tron and BitTorrent. You can take a look at the expert comments on the outcome of the SEC-Ripple case from this article.
Can XRP price reach $5?
XRP has been on the rise since Judge Torres ruled in favor of Ripple. The price has seen a serious increase of over 100%. It still continues to trade close to intermediate targets despite a small decline. In the short term, the price shows potential for a major bullish breakout. Exceeding $1 in the next few days will invite the bulls back into the scene.
Technically, XRP has been trading inside a symmetrical triangle formation for the past few days. If the price rises above the upper resistance of the triangle, there is a greater chance of forming a new ascending triangle that will provide the necessary momentum to trigger the uptrend. After breaking the symmetrical triangle, the next target is between $0.82 and $0.84.
However, in the long term, the price points to a 500% bounce to reach levels above $5 very soon. Technical analyst Sohrab Khawas predicts this will be the primary record for new highs later.
What does historical data say about altcoin?
Prior to the previous weekly close, XRP climbed above the descending triangle, like the breakout just before the 2021 bull run. After a long period of consolation, prices showed great potential for buying in the coming days. Now the targets are in the $0.83 and $1.04 zones. Also, the data shows that XRP has collected the highest trading volume in the past month.
cryptocoin.comAs you follow, some analysts suggested that XRP could rise as high as $15.
