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- XRP has remained in an uptrend over the past 30 days as holders project more uptrend.
- The soon-to-conclude Ripple versus SEC lawsuit might catalyze this growth.
XRP, the cryptocurrency associated with Ripple Labs Inc has experienced a 30% surge in the past 7 days. This increase suggests bargaining opportunity is still available for the cryptocurrency, even though analysts have warned that time is running out.
XRP’s Resurgence
Popular crypto analyst, Bobby A stated on X that the window for accumulating XRP at low values will soon come to a close. This comment comes on the heels of an upsurge to the $0.5 price after experiencing monthly lows below this level. XRP experienced a 30.27% increase from its July 5 low of $0.3911 to reach an intraday high of $0.5095.
The time for accumulating #XRP will soon come to a close. ⚒️
— Bobby A (@Bobby_1111888) July 13, 2024
XRP saw the highest percentage increase in the past week amongst the top ten cryptocurrencies by market capitalization. Market players have commended XRP for this resurgence at a time when leading cryptocurrencies and even stablecoins like Tether are posting weekly gains of 0.06%. Presently, XRP is ranked the 7th biggest cryptocurrency by market capitalization, which is pegged at $29.4 billion, trailing behind USDC’s $33.9 billion.
The recent uptick in XRP has increased confidence among market watchers who believe there is still an opportunity for investors to scoop the token. Reacting to Bobby A’s post, many other analysts sided with the sentiment that time is running out for XRP accumulation.
For context, XRP has been on a downward movement for the past six years after its all-time high rally. Analysts saw XRP’s low price during this period as an accumulation range. They anticipate the cryptocurrency to break out of this downtrend pattern soon, as suggested by technical indicators.
“If the same fractal of XRP from 2017 is playing out exactly onto today’s chart, we only have till 8th August to get your last XRP. After that we will finally say goodbye to this 7 long years of accumulation range,” X user @XRPunkie stated. This means purchasing XRP at $0.5 is still considered a bargain compared to where the asset is expected to head soon.
Other more optimistic market observers believe XRP could surge higher once its uptrend commences. “As soon as XRP leaves its 40-.60 cent range it will never look back,” one commenter pointed out.
Ripple XRP Price Prediction
As of this writing, XRP’s price declined by 0.3% in the past 24 hours to $0.5251. The trading volume also decreased by 32% to $1.6 billion, with the market cap standing at $29 billion.
With the Ripple vs SEC case nearing conclusion, XRP holders eagerly look forward to what lies ahead for the coin. As highlighted in our previous article, market sentiment suggests cautious optimism for XRP, with the potential for a bullish trend if resistance levels are surpassed.
In a bold forecast, pro trader The Great Mattsby says XRP could reach $250 by 2028. As noted in our earlier post, Mattsby bases his analysis on mathematical calculations and the Gann Theory.
