Jakarta, Pintu News – The crypto market is again excited by the price movements of Ripple which are now in the spotlight. This is in line with the latest developments in the legal case of Ripple versus the US Securities and Exchange Commission which is expected to end on June 16. With this development, many predict that the price of XRP will reach new highs in the near future.
Check out the full analysis here!
The legal case between Ripple and the SEC has entered the final stage with the planned filing of a new motion for injunctive relief under Rule 60. This is expected to provide a positive boost to the price of XRP.
History has shown that Ripple (XRP) once experienced a rise of up to 860% during a bullish period in 2021. Despite experiencing a significant drop afterward, XRP managed to record another rise of 575%.
With this latest development, investors and whales have started to realistically target the XRP price to reach $15. This is supported by historical data and strong market sentiment towards Ripple (XRP).
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In technical analysis, the Simple Moving Average (SMA) acts as a major support on the daily chart of XRP price. This shows a strong bullish sentiment in the market, which indicates the possibility of continued positive price action in the coming months.
The Relative Strength Index is showing strong support around neutral and is currently at 52.53. If it retests successfully, the RSI could rise towards the oversold range, signaling an increasing positive influence in the long term.
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Although the immediate retest zone is still strong around $3, the upper price target for Ripple (XRP) is $3.50. However, given historical market sentiment, the value of XRP could potentially register a 500% gain, as has happened twice since its launch.
This could push the price of XRP towards $15 in the next 4 to 7 years. On the other hand, Ripple (XRP) shows strong support around $2, which is the lower bound for future price action.
With the recent developments in the legal case and supportive technical analysis, the price outlook for Ripple (XRP) seems to be seeing a significant increase. Despite some challenges, strong market sentiment and investor support could lead Ripple (XRP) to reach higher price targets in the coming years.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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