XRP Price Prediction: Analysts Expect XRP to Rally Past $6 Amid Positive Market Sentiment
The price of Ripple’s XRP is set to explode past $6 as positive market sentiment surrounds the outcome of the Ripple vs. SEC lawsuit. Analysts are predicting a major price breakout for XRP, with one analyst, “Egrag Crypto,” suggesting that XRP could hit $6.40 in the near future.
Recent developments in the Ripple ecosystem, including a win for Binance’s BNB against the SEC, have bolstered confidence in XRP’s potential for a significant price rally. The rulings by Judge Analisa Torres and District Judge Amy Berman Jackson have set a precedent for crypto cases against the SEC, with XRP’s secondary sales being deemed not securities.
Analyst Egrag Crypto noted that XRP’s price has crossed above the 0.236 Fibonacci retracement level on the monthly timeframe, indicating strong bullish momentum. If XRP bounces from Fib 0.5, the next target is Fib 1.618, where XRP could trade at $6.40.
Traders are closely watching XRP’s price movements, with the crypto struggling to break past a crucial resistance at $0.50. The Relative Strength Index (RSI) shows neutral market sentiment, neither overbought nor oversold.
With renewed confidence in the Ripple vs. SEC case and positive market developments, XRP holders are hopeful for a major price rally. Monitoring the RSI and key resistance levels will provide insights into XRP’s potential price movements in the coming days.