The price of XRP, the native token of the XRP Ledger, has shown tentative signs of life in recent days, surpassing the $0.50 psychological barrier to now trade at $0.547 per token. This stability comes after a prolonged period of consolidation, and one analyst believes its price could explode by 150%.
In a newly published post on the microblogging platform X (formerly known as Twitter), analyst Egrag Crypto revealed he believes XRP might be on the verge of a significant move, pointing to a “double bottom” formation in XRP’s chart, a technical indicator often seen as a bullish signal.
This pattern, along with other technical factors, suggests a potential setup for a notable price increase, according to the analyst, that could see the native token of the XRP Ledger surge to $1.4, which would represent a rise of 150% from current levels.
In his post, Egrag Crypto wrote that the double bottom formation is “giving us a strong bullish signal,” and added he is “highly confident that the thurst will soon begin.”
A breakout for XRP could reignite investor interest, which has waned as the broader cryptocurrency market has seen a downturn it now appears to be recovering from. Recent developments in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) may also be contributing to the token’s tentative momentum.
The SEC is seeking a $2 billion penalty against Ripple over XRP sales, alleging the token is an unregistered security. Ripple has vehemently disputed these claims, arguing that XRP is a utility token and not a security, with Ripple’s CLO arguing the $2 billion fine demand is evidence of “intimidation against all of crypto in the U.S.”
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The company recently filed a response to the SEC’s request for penalties, urging the court to impose a significantly lower fine and highlighting changes made to XRP sales to prevent future violations.
Njengoba i-CryptoGlobe ibike, umhlaziyi we-cryptocurrency odumile usanda kuma ekubikezelweni kwentengo ye-XRP, ebikezela inani le-cryptocurrency. iqhume ibe ngaphezu kuka-$200 ithokheni ngayinye, ukukhuphuka okungaphezu kuka-30,000% kusuka ezingeni lakhona lamanje.
Ngokusho kwamazwi akhe, i-XRP ibone "ukulandelwa kwe-logarithmic ephelele" okusho ukuthi i-XRP "ingase ibe ngaphezu kokulungela u-$200+." Ubalule ukuthi intengo ye-XRP ikhuphuke ngaphezu kuka-100,000% ngesikhathi sokugijima kwezinkunzi zika-2017-2018, futhi waphakamisa ukuthi ukugijima okungu-33,000% kusuka ezingeni layo lamanje “kungaba ngaphezu kwalokho okungenzeka futhi kuthuthuke.”
Njengoba kubikiwe ukuthi i-XRP Ledger ibilokhu iqhubeka ngokuhamba kwesikhathi, nesamba se-XRP sikhiyelwe epulatifomu ye-XRP Ledger's esanda kwethulwa ekhiqiza imakethe (AMM) esanda kwethulwa isuka kumathokheni ayi-330,000 e-XRP iye kuye. ngaphezulu kwe-715,000 XRP, ebiza ngaphezu kuka-$400,000, ngesikhathi lapho inkundla ye-AMM isethwe ukuze ithole ukhiye wokulungisa iziphazamisi.
Ukwenyuka kwe-XRP ekhiyiwe futhi kuza ngokushesha ngemva kokuba u-Ripple, umhlinzeki oholayo we-enterprise blockchain kanye nezixazululo ze-crypto, ememezele izinhlelo zakhe zokuqalisa i-stablecoin ekhonjwe ngo-1: 1 kudola laseMelika (USD). I-stablecoin izosekelwa ngokugcwele yimali egciniwe yediphozithi yedola laseMelika, izikhwama zikahulumeni zesikhashana zase-US, nokunye okulingana nokheshi.
Njengoba CryptoGlobe kubika, i-firm ilindele ukuthi imakethe ye-stablecoin idlule i-$ 2.8 trillion ngo-2028, futhi i-stablecoin yayo izokwethulwa kokubili ku-XRP Ledger naku-Ethereum.
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- Source: https://www.cryptoglobe.com/latest/2024/04/xrp-price-eyes-breakout-as-analyst-predicts-potential-150-surge/
