- Ripple-backed XRP could follow the pre-2017 fractal pattern, leading to an inevitable bullish breakout in the near term.
- The ultimate XRP price surge will be triggered by the highly anticipated settlement between the US SEC and Ripple.
Ripple Labs-backed XRP price has been trapped in a further bearish outlook in the past four months after consistently closing below the 50 and 200 weekly Moving Averages (MA). The large-cap altcoin, with a fully diluted valuation of about $43 billion at the time of this report, has dropped more than 10% in the past four weeks to trade around 44 cents.
After consolidating in a macro triangular pattern in the past six years, XRP price recently dropped below the lower border, suggesting a further mid-term bearish outlook. However, the altcoin could be preparing for a major bullish breakout in the near term as the weekly Relative Strength Index (RSI) hovers around the oversold levels.
How XRP Price Could Reach Over $300 this Cycle
In a bold XRP macro analysis on the X platform, crypto analyst alias LUDXRPFLR highlighted that the altcoin is on the verge of a major bull run. The crypto analyst based the bullish argument on the fact that the XRP price in the higher time frame has been forming a similar fractal pattern with the pre-2017 consolidation.
If history repeats itself in the coming months, the crypto analyst indicated that XRP price will first reach a target of around $2, which coincides with the weekly 0.5 Fibonacci Extension. After a successful consolidation, the crypto analyst noted that XRP price will rally to a new all-time high of $16.
In the last bullish wave, the crypto analyst believes XRP price will rally towards a target of about $305, which will mark a cycle top.
Key Dates for SEC vs Ripple
The ongoing lawsuit between Ripple and the US SEC has been the biggest stumbling bloc for the XRP bullish breakout. As previously mentioned in our report, Ripple is fighting for the least amount of fine in the highly anticipated settlement to minimize further bleeding.
Moreover, Ripple has been selling more XRP to the secondary market to keep its business operating normally even though the crypto bearish outlook.
The court has set deadlines for motions and hearings. By July 26, the parties should have filed a notice related to the exclusion of experts’ testimony. Meanwhile, the presiding judge is expected to issue the final decision by the end of July.
Why Bet on XRP?
The XRP adoption has grown exponentially in the past few years backed by the strategic partnerships inked by Ripple around the world. As featured in our recent coverage, XRP price action will kickstart a major altcoin rally after the ongoing lawsuit ends in the near term.
The Ripple developers have made significant changes to the XRPL network to enhance its web3 developments. As we discussed earlier, Ripple has invested millions of dollars through the Japan and Korea Fund to ensure more web3 development on the XRPL.
Already, Ripple has launched the XRPL EVM Sidechain to enhance web3 development ahead of its US dollar-backed stablecoin.
