XRP Analyst Predicts 710X Surge to $305
  • Ripple-backed XRP may be following pre-2017 fractal patterns, which could inevitably lead to a bullish breakout in the short term.
  • XRP’s eventual price surge will be driven by the long-awaited settlement between the US SEC and Ripple.

The price of Ripple Labs-backed XRP has been mired in a more bearish outlook over the past four months after closing below its weekly moving averages (MAs) of 50 and 200. The large altcoin, which has a fully diluted valuation of around $43 billion as of the time of this report, Ten% It has traded around 44 cents over the past four weeks.

XRP price has been stable in a macro triangle pattern for the past six years, but it recently fell below the lower limit, suggesting a stronger bearish outlook in the medium term.However, with the weekly Relative Strength Index (RSI) hovering near oversold levels, the altcoin could be poised for a major bullish breakout in the near term.

Why XRP Price Could Exceed $300 This Cycle

In a bold XRP macro analysis on the X-Platform, crypto analyst alias LUDXRPFLR highlighted that the altcoin is on the brink of a major bull run. The crypto analyst based his bullish case on the fact that XRP price is forming a fractal pattern similar to the pre-2017 consolidation on higher timeframes.

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If history repeats itself in the coming months, the crypto analyst suggests that XRP price will first reach a target around $2, which coincides with the weekly 0.5 Fibonaci extension. After successful consolidation, the crypto analyst noted that XRP price will rise to an all-time high of $16.

In the last bullish wave, crypto analysts believe that XRP price could rise towards a target of around $305, marking the cycle high.

Important Dates for SEC vs. Ripple

The ongoing litigation between Ripple and the U.S. SEC is the biggest obstacle to XRP’s bullish breakout. Mentioned According to our report, Ripple is fighting for minimal fines in the long-awaited settlement in order to minimize further losses.

Additionally, Ripple is selling more XRP on the secondary market to keep business running as usual despite the bearish outlook for the cryptocurrency.

The court has set deadlines for motions and hearings, with the parties having to file notices of exclusion of expert testimony by July 26, while the presiding judge is expected to issue a final decision by the end of July.

Why Bet on XRP?

Supported by strategic partnerships that Ripple has forged around the world, adoption of XRP has grown exponentially over the past few years. Features According to our recent reports, XRP price movements will kick off a major altcoin rally after the ongoing litigation is concluded in the near future.

Ripple developers have made significant changes to the XRPL network to enhance Web3 development. Discussed Previously, Ripple has invested millions of dollars through the Japan-Korea Fund to further drive Web3 development in XRPL.

Already, Ripple has launched the XRPL EVM sidechain to power Web3 development ahead of its USD-backed stablecoin.

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