The price of the native token of the XRP Ledger, XRP, could surge to a high of $1.1 in the near future, based on its governing price pattern that has been around for more than a year and a half since June 2022.
According to popular cryptocurrency analyst Ali Martinez, since June 2022, XRP has been on an ascending parallel channel, a pattern that Investopedia notes shows ascending price movement between two sloping lines that show both resistance and support levels in an ongoing bullish trend.
Per Martinez, if the pattern isn’t broken, XRP could see its price reach the channel’s middle and upper boundaries at around $0.80 per token and $1.1, respectively.
XRP is at the time of writing trading at $0.567 per token after losing more than 10% of its value over the last few days. The cryptocurrency is up around 65% over the last 12-month period as it benefitted from a wider cryptocurrency market correction.
As CryptoGlobe reported, XRP has recently reached a new milestone when it comes to the number of wallets on the network, as it has recently surpassed the 5 million mark, a notable increase from last year’s start of 4 million.
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Recently, XRP transactions have also seen a surge, maintaining numbers well over 5 million since the start of the year, further pointing to the cryptocurrency’s growing adoption. Over the past year, it’s worth noting, the price of XRP surged around 65%.
Nevertheless, a cryptocurrency analyst has suggested it could keep climbing to potentially reach $27 per token in a significant rise following Ripple’s legal victories over the U.S. Securities and Exchange Commission (SEC).
In 2020, Ripple faced a lawsuit from the SEC for supposedly breaching U.S. securities regulations by selling XRP without first registering with the agency.
Judge Analise Torres determined that XRP was indeed a security when Ripple initially sold it to institutional investors, but not when it was sold to the general public.
Judge Torres’ primary reasoning was that institutional investors who purchased XRP from Ripple likely understood that it possessed certain characteristics of a security. However, this information was not necessarily available to those who acquired XRP through cryptocurrency exchanges.
Featured image via Pixabay.
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- Source: https://www.cryptoglobe.com/latest/2024/01/xrp-could-hit-1-1-soon-based-on-bullish-pattern-analyst-says/
