The last two days have brought rises in cryptocurrencies. Starting the week positively, XRP investors continue to wonder if the token will leverage this rise to surpass $0.50.
Analyst’s XRP Commentary
XRP analyst Egrag Crypto, known for his comments on the token, published a post at the end of June. The analyst suggested that a small rise in the token could occur in a short time, and in the long term, the price could exceed $6.
The analysis by the expert is associated with the examination of Fibonacci levels set for XRP. While conducting his analysis, the analyst pointed to the current monthly candlestick formation, which closes above the 0.236 Fibonacci level. This formation is seen as a reflection of a consolidation that could potentially trigger a breakout and is not independent of the market.
In this context, the target given by the analyst is seen to be the 0.5 Fibonacci level at $1. If XRP can possibly catch this momentum, the price could take much more significant steps towards $6.4. This mentioned price value means a 1200% increase.
With all the saga over the past few weeks, the monthly timeframe candlestick formation closes above Fib 0.236. This is just natural consolidation! Next target: Fib 0.5! Turn with faith and then we fly to Fib 1.618 ($6.4).
The Future of XRP
Eyes on the XRP side seem to be turning to the Ripple-SEC case. The case has been ongoing for a long time, causing the price to be pressured below $1. The general market consensus is that XRP could rise if Ripple wins the case.
Trading Shot analyst recently made a statement on this topic. Reviewing historical data, the analyst considered the possibility of growth for XRP. Despite many uncertainties surrounding XRP, he commented that it might be too early to talk about a collapse.
While the general views on XRP indicate a rise, it would not be wrong to say that this is fundamentally based on the outcome of the Ripple-SEC case. Additionally, a new upward movement in BTC could also push the price to new highs. Following positive news from the market, the XRP price could reflect in the charts, surpassing the $1 level, which hasn’t been seen for a long time.
As of the time of writing, XRP is trading at $0.479 after a nearly 2% rise, which also means a 1.29% increase over the past 7 days.
XRP’s market cap continues to hover around $26.6 billion, while the 24-hour trading volume has returned to $800 million after an 83% rise.
