As the legal battle between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple continues, a cryptocurrency market analyst sees the potential for a bullish rally for XRP – the token at its center – provided it manages to break past a critical resistance level.
Specifically, XRP “has one of the cleanest setups so far,” and its “next stop would be $0.68 & higher” if it succeeds in breaking above $0.55, according to the analysis by the pseudonymous crypto expert Mags a.k.a. thescalpingpro shared in a tweet on June 18.
XRP price analysis
As things stand, XRP is currently changing hands at the price of $0.49, indicating a 0.76% gain in the last 24 hours and an increase of 5.13% across the previous 30 days, despite losing 5.22% on its weekly chart, as per data retrieved on June 19.
Indeed, XRP has managed to recover from making it to the top of the list of the biggest “losers” among the top cryptocurrencies by market capitalization, and crypto analyst Altcoin Sherpa has earlier said that it still remains one of the strongest altcoins in the sector, with a chance of hitting $0.8 in the near future.
Furthermore, hedge fund manager Thomas Kralow said the token could hit anywhere between $10 and $30 in the next three to four months, driven by “speculative narratives” and a surge in interest in the XRP token among the crypto community, as Finbold reported on June 16.
Earlier, renowned crypto trading expert and analyst Michaël van de Poppe singled out XRP, alongside Litecoin (LTC), as the two primary altcoins to keep an eye out for in the near future, particularly considering the significance of the ongoing lawsuit against Ripple on XRP’s price direction.
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Source: https://finbold.com/xrp-has-one-of-the-cleanest-setups-and-could-rally-to-0-68/