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- Good Morning Crypto sees the “XRP Final Shakeout” pattern, hinting at a potential strong rally.
- Legal developments between Ripple and the SEC could significantly impact XRP’s future trend.
XRP, one of the most popular cryptocurrencies, has once again attracted attention after receiving a new bullish outlook from the well-known crypto influencer, Good Morning Crypto. He shared his thoughts on the present technical pattern on the XRP price chart in a tweet.
According to him, this pattern is quite similar to the one witnessed in 2017, which caused a significant rally that he refers to as the “XRP Final Shakeout.”
🚨 $XRP FINAL SHAKEOUT 🚨
Remember when #XRP soared 60,000% in 240 Days, from $0.006 to $3.41 🔜
Are You Ready? 💥🚀 pic.twitter.com/g4KLZH3DTE
— Good Morning Crypto (@AbsGMCrypto) July 10, 2024
Explosive Growth of XRP
In 2017, the price of XRP increased by 60,000% in 240 days, from $0.006 to $3.41. XRP is currently trading at $0.4385, up 1.00% over the last 24 hours. Based on the current price, a similar growth could propel XRP to more than $245 per token, a projection that has piqued the interest of crypto investors and traders.
On the other side, a recent CNF report revealed that Ripple’s CTO was forced to clarify his 2017 statement, in which he asserted that XRP could not be “very” cheap. This clarification comes amid ongoing discussions over XRP’s value and long-term prospects.
Additionally, emphasis is focused on the legal case between Ripple, the firm behind XRP, and the US Securities and Exchange Commission (SEC).
Meanwhile, Fred Rispoli, a notable pro-XRP lawyer, believes that the SEC action against the company will be resolved within a few days. The events in this case will likely have a big impact on the price of XRP, establishing a strong trend for the future.
Due to legal difficulties, XRP’s price has not performed well since 2017, leaving some analysts doubtful of its future. Every year, the crypto business becomes more competitive, with new breakthroughs making it more difficult for XRP to shine again.
Aside from that, Ripple was recently witnessed sending 150 million XRP tokens to an unknown wallet. This big transfer has fueled conjecture regarding Ripple’s next move. Some analysts feel that this action is related to developing new tactics or securing assets in the face of current uncertainty.
