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HomeCrypto NewsMarketRipple (XRP) Rally Not Over, Top Crypto Analyst Says

Ripple (XRP) Rally Not Over, Top Crypto Analyst Says

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Despite Ripple (XRP) surging above $0.90 in the early hours of today, several analysts believe the best is yet to come for the sixth-largest cryptocurrency by market capitalization.



Credible Crypto, a Twitter-based pseudonymous cryptocurrency analyst, and the trader is one analyst with such belief.

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XRP to Hit $1.6 in Coming Weeks 

Credible Crypto noted that he expects the XRP pair against the USD to continue its rally to $1 and $1.6 in the coming weeks as long as the cryptocurrency holds its current price level between $0.7 and $0.8, respectively. 

Now that a couple of days have passed- this is what I would like to see (and expect) moving forward- as long as .70-.80 is held I expect continuation to the upside,” Credible Crypto tweeted. 

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Favorable XRP/BTC Prediction 

Furthermore, Credible Crypto also predicted a positive outcome for the Ripple native cryptocurrency against the world’s largest cryptocurrency – Bitcoin (BTC). 

He noted that the current daily candle of XRP/BTC pair is the strongest he has seen in the last six months. 

Credible Crypto said the current XRP price rally has seen the coin break the falling wedge downtrend line alongside a cluster of resistance. 

May have avoided the breakdown I was concerned about. I will get more confirmation in the coming days if this move is legit,” Credible Crypto added. 

Meanwhile, JPMorgan noted in its recent report that the price of XRP correlates with that of bitcoin.  

SEC v. Ripple Lawsuit Outcomes to Determine XRP Price

Recall that XRP, which peaked at $3.4 in early 2018, has fallen 74% as a result of a number of factors. 

The SEC lawsuit against the blockchain company tops the list as the major reason XRP prices have crashed badly. 

XRP has endured a turbulent start to the year crashing below $0.57, however, positive rulings made by Judge Analisa Torres in favor of Ripple, saw the price rally above $0.90 for the first time since December 2021. 

Recent developments in the lawsuit suggest that Judge Torres may likely dismiss the case against Ripple, however, charges against the company’s execs Brad Garlinghouse and Chris Larsen will not be dropped. 

The outcome of the case will not only be a key determinant of the price of XRP, but it will also suggest how cryptocurrencies will be classed going forward. 

 

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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