- Crypto specialists predict XRP is set to undergo a bull run that could take it to $1, mirroring its price cycle from 2017.
- The legal clarity provided by the Ripple v. SEC verdict, which deemed XRP not a securities, has a favorable influence on investor sentiment.
XRP continues to be a significant player in the cryptocurrency market as a result of its unceasing ability to maintain its position above the important $0.60 barrier.
As XRP keeps trading close to this crucial level, speculation about a potential rally that may push it closer to the desired $1 mark is building.
Egrag Crypto’s Positive Forecast
Renowned cryptocurrency analyst Egrag Crypto recently said on X that XRP may be preparing for a significant bull market wave.
#XRP / #BTC Official Bull Run Announcement 📢UPDATE 📢:
The Official Bull Run Announcement is in progress! #XRP is currently mirroring its 2017 cycle, entering the final phase before the official Bull Run Announcement.
💡 Insight: #XRP / #BTC could potentially dip as low as… https://t.co/hyXqWEMSti pic.twitter.com/DD8MkYn7qx
— EGRAG CRYPTO (@egragcrypto) March 24, 2024
Comparing the token’s performance to that of 2017—a year that saw notable spikes in the cryptocurrency market—Egrag suggests that 2017’s spectacular growth for XRP might happen again, announcing what he calls an “Official Bull Run Announcement.”
And then, examining the price chart of XRP in more detail, Egrag discovers the construction of a “10th W,” a pattern that has traditionally been connected to notable market swings. Given the state of the market, this alignment raises the possibility that XRP is about to enter a significant upswing.
Also, based on logarithmic scale forecasts, Egrag offers two scenarios for the near-term pricing of XRP: a simple climb to $1 and a much more optimistic jump towards $1.2.
The Ripple-SEC Case: Critical Elements
In relation to the legal dispute between Ripple and the SEC, some clarification has recently emerged as a result of court rulings confirming that XRP is not a security, as ETHNews previously reported.
The cryptocurrency community is waiting anxiously for the verdict in the Ripple-SEC lawsuit, which is expected to have a big impact on XRP’s market dynamics.
So, given the SEC’s recent lawsuit against Ripple for 1933 Securities Act violations, the verdict may determine XRP and Ripple’s destiny.
Meanwhile, XRP is trading at $0,6323 after rising by 0.26% and 2.88% over the previous 24 and 7 days.