The future of Ripple, the blockchain payment company, hinges on the long-term success of its digital asset, XRP, within the trillion-dollar cross-border payment industry. Ripple faces multiple challenges, including a legal battle with the U.S. Securities and Exchange Commission (SEC) over whether XRP qualifies as a digital asset commodity or a security. To fortify its position, Ripple is taking steps to enhance XRP liquidity through new partnerships and strategic acquisitions.
The future growth prospects of XRP were significantly increased following the July summary judgment that argued exchange sales do not constitute an investment contract.
Looking Back: XRP Price Action Analysis
According to a bullish XRP enthusiast, Egrag Crypto, there is a high chance that the XRP price action in the past five years is closely following the pre-2017 season. Using the four-month candles, the crypto analyst identified the support zone between 26 cents and 32 cents to be a solid foundation for the XRP price action in case of market capitulation.
As a result, the crypto analyst expects the following central psychological resistance range to be between 80 cents and 85 cents.
Read More: Ripple Price Prediction: Here’s When XRP Price May Hit New All-Time High (ATH)
The path to higher prices
If XRP can break past the 83 cents mark, it may unleash a wave of bullish buyers. These buyers could drive the cryptocurrency beyond the realm of the “Fear of Missing Out” (FOMO), propelling it to new heights. Notably, the crypto analyst foresees FOMO traders entering the market after a retest of the all-time high (ATH) and a breach of the $2 threshold.
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Source: https://coinpedia.org/price-analysis/ripple-news-drawing-parallels-for-xrp-price-action-over-the-last-five-years/