In the ever-evolving world of cryptocurrency, few events have stirred such excitement as the conclusion of the Ripple versus SEC legal battle. The announcement, which capped off a contentious feud that began in 2020, sent ripple effects throughout the crypto market, resulting in an impressive surge in XRP’s price by more than 12%. This increase not only reinstated the altcoin’s position above the $3 threshold but also reignited enthusiasm among bulls eager to reclaim control of the market. Yet, as is often the case in volatile crypto landscapes, profit-taking has led to a subsequent slowdown in momentum, prompting analysts to speculate on potential future movements.
Descending Trendline Break Not Enough To Hold Price
The initial surge triggered by the Ripple-SEC announcement allowed XRP to break a long-standing descending trendline that had been in place since its peak in July. This breakthrough saw the price push towards $3.4. However, the excitement was short-lived, as the price encountered significant resistance just shy of that mark. According to crypto analyst HAMED_AZ, this resistance has thrust XRP back into a corrective phase, tempering the earlier bullish enthusiasm. While the bulls have been valiantly defending the $3.2 level, which continues to act as a support zone, the analyst warns that the correction seems far from over.
HAMED anticipates that XRP’s price may soon revisit the recently broken trendline, projected to hover around $2.9. If this scenario unfolds, it could indicate a troubling trend: another dip below the $3 level, undermining the newfound support that had been carefully constructed. Such movements are not just mere fluctuations; they reflect the inherent volatility and unpredictability of the crypto market, where rapid shifts can occur in the blink of an eye.
The Continuation Of The XRP Price Rally
Despite the potential for a retest of the trendline, the outlook is not entirely bleak. Analyst insights suggest that XRP might find critical support slightly above the $2.9 mark. Should this level hold, it could serve as a catalyst for a bullish resurgence, enabling the digital asset to rally back towards previous highs. This resurgence wouldn’t just represent a mere recovery; it could launch XRP into a new growth phase.
This movement could align XRP’s trajectory with the ascending trendline established in June, coinciding with the anticipated bottom at $2.93. If the market dynamics permit a solid rebound from this level, HAMED projects an ambitious upward trajectory for XRP, potentially aiming for unprecedented all-time highs. The analyst estimates that a rally of over 35% could follow, propelling XRP beyond the $4 mark—a level that would surpass the previous peak of $3.84, which was achieved all the way back in 2018.
