XRP Price: Will it Break US$1 in a Bullish Wave Ride?
6/20/20242 min read
The price of Ripple's cryptocurrency, XRP, has faced major challenges over the past year, failing to reach new record highs despite winning several partial victories against the US Securities and Exchange Commission (SEC).
This legal victory was expected to increase prices, but XRP remains in the doldrums. Even so, investor confidence in the long-term potential of this altcoin remains strong.
Crypto analyst Alan Santana is cautiously optimistic, predicting a bullish wave that could push XRP towards its US$1 price target.
XRP Price Poised for Another Bullish Wave
NewsBTC reports that, Alan Santana, a well-known figure in the crypto analysis community, has shared his optimistic views on XRP.
His latest analysis not only considers the historical performance of XRP but also other major crypto assets, noting their cycle peaks and bullish waves.
According to Santana, cryptocurrencies typically experience a bullish wave about 8-10 months after their last peak. Given this pattern, he argues that XRP is long overdue for a significant price surge.
Santana pointed out that XRP's last peak occurred in July 2023. At that time, Judge Analisa Torres ruled that the programmatic sale of XRP crypto did not qualify as a securities offering, leading to a rally that pushed the price of XRP above US$0.7.
However, this bullish wave was short-lived, and XRP has since experienced a decline that lasted almost a year.
Currently, the price of XRP has been declining for 11 months without experiencing a bullish wave.
Given the established cycle of 8-10 months, Santana believes that XRP is poised for a bullish comeback.
He emphasized that although all bullish waves are not identical across different crypto assets, the probability of significant price movement for XRP is very high.
Potential Targets
Santana provided detailed projections for the Ripple crypto price in the next bullish wave. He suggested that a 100 percent increase was possible, with a primary target of US$0.65, which represents a 50 percent increase from current levels. This is not an upper limit.
Santana analysis suggests that XRP could rise as high as US$0.9442 before losing momentum. These projections suggest that XRP has the potential to briefly break through the coveted US$1 level before falling again.
Investors remain hopeful while waiting for this anticipated bullish wave. This predicted surge could offer substantial returns, strengthening the confidence of those who believe in the crypto's long-term prospects.
The legal battle with the SEC, while impactful, has not dampened the enthusiasm of the XRP community.
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