XRP could potentially witness a rally of 120% in the next six months if a correction scenario unfolds, according to crypto analyst AlanSantana. The anticipation is fueled by the recent regulatory clarity received by XRP. Should XRP correct to around $0.51, it is expected to experience an 85% rally within the next six months. However, if the correction goes even lower to approximately $0.43, the token could potentially initiate a more substantial rally, reaching up to 120%.
Analyzing the chart, a triangle-top pattern is revealed, historically indicative of temporary declines before upward surges. Looking beyond the short-term forecast, the analyst suggests a long-term potential price of around $5 based on past calculations. However, predicting future prices becomes intricate during a super-cycle.
The SEC case continues to cast a shadow over XRP despite gaining regulatory clarity. Bill Morgan, a pro-Ripple lawyer, expressed concern about the ‘very strange’ XRP price movement following the regulatory clarity, pointing out that the SEC battle prevented XRP from maintaining momentum with its peers. Speculation about a potential settlement with Ripple arises after the SEC conducted a closed meeting to address crucial issues.
As of now, XRP is trading at $0.63, reflecting daily gains of about 2.77% with a 0.5% decrease on the weekly chart. Technical analysis suggests bullish sentiments dominate XRP, with moving averages signaling a ‘strong buy’ and oscillators indicating a ‘neutral’ position.
Overall, XRP’s prospects are significantly influenced by the trajectory of the general cryptocurrency market.
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