In the last few days, the crypto market has gained a new bullish movement, with user’s sentiments turning to greed. More importantly, there is a surge in crypto trading activity, pushing the global trading volume to $103.7 billion and the global market cap to $2.43 Trillion, which is impressive. It reveals that there are new gains in altcoins. However, the same is not happening in the case of the Ripple token, as the XRP price is still struggling on the charts, but that is about to change soon.
Why Will XRP Price Boom Soon?
After years of downfall in the XRP price, it is clear that the Ripple Vs SEC lawsuit is the biggest constraining factor. In the last seven years, or ever since its ATH rally to $3.84, the token has made multiple attempts to recover, but the trends reversed every single time with the lawsuit appeals and proceeding of the case. Just recently, the XRP was in an uptrend, where the price rose to as high as $0.60. However, it crashed soon, facing a 15% downfall to $0.51, with the SEC filing for notice of appeal at the beginning of October.
As a result, many crypto analysts have confirmed that the Ripple token price will boom only with the closure of this lawsuit. However, despite that, in a recent commentary, the crypto analyst Random Crypto Pal revealed an imminent XRP price boom opportunity. He shared a crypto chart illustrating how the token recently broke out from a seven-year-long trendline. More importantly, along with many other analysts, he has called it a defining moment for this token.
This is #XRP monthly chart
I’ll use BitBoys words “ EXPLOSION IS COMING”
Perfect retest of both trend lines
pic.twitter.com/6IHxidLCK1
— Random Crypto Pal (@RandomCryptoPal) October 27, 2024
He also acknowledges the recent retest in the token’s worth, calling the backtest of the breakout. More importantly, Random Crypto Pal called it the perfect retest of both trend lines before the upcoming backtest. Interestingly, this is not the first XRP prediction, as he also unveiled the recurring pattern that has made heavy gains in the past.
As per that prediction, the charts hint at the recurrence of the 2017 and 2020 pattern, where the XRP price has boomed 71,381% and 1602%. However, that was a conditional prediction, which has not happened yet as the trends remain unfulfilled. With this, investors are concerned whether this new analysis will work or not.
Analysts Are Divided On Ripple Token Performance
Crypto analysts come up with XRP predictions every other day but fail every single time. This is because the biggest concern is the lawsuit, and there is a low probability of witnessing any major rally until the users get more clarity on the case.
More importantly, the blockchain provider will have to do a lot of damage control as the token has been down for years, maintaining an average value of $0.5, currently at $0.5235. The token certainly requires more than a bullish push, as the market is already following the bulls, with the BTC price hitting $71K and aiming for ATH. Despite that, the Ripple token is down. With the token still being one of the top ten cryptos, the community is divided about its future performance.
One believes in complete recovery and peaks to new highs, whereas the other believes in the XRP price collapse to $0.15. More importantly, the community is tired of the consolidation, and the recent Ripple Chairman’s $11M funding to the Kamala Harris campaign is worsening things. As a result, it is hard to believe where the token will move next. For now, it has to see when the lawsuit will end and how it will impact the token.
The post XRP Price Is About to Boom, Here Is Why? appeared first on CoinGape.
