Ripple (XRP) has been a subject of interest in the crypto space following its unfamiliar rally, which started about two weeks ago.
(CryptoSlate - Top Stories) – Ripple’s XRP has garnered attention following a recent rally.
One analysis by Egrag Crypto highlights XRP’s potential for substantial price increases based on historical performance.
The analysis points to two instances where XRP experienced significant surges of 1,307% and 1,341% when it broke out of Channels A and C, respectively.
Currently, XRP price is positioned at the boundary of Channel B, where it is attempting to establish this channel as a support level. If past trends hold true, a potential price surge of around 1,324% could occur, with anticipated price targets ranging from $13 to $15.
The analysis also notes that XRP’s price action over the past year has been largely influenced by the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC).
However, recent developments, including the SEC’s approval of a spot Bitcoin (BTC) exchange-traded fund (ETF), have reportedly boosted sentiment in the crypto market.
As reported by CryptoSlate, several analysts are keeping a close eye on XRP’s price movements and anticipate a potential breakout to occur soon.
At the time of writing, XRP trades at $1.03, down 0.5% over the past day but still up 21% over the week, according to data from CoinMarketCap.
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