Can Ripple (XRP) Hit $7? Analyst Identifies Key Levels to Monitor

XRP’s price has been experiencing significant volatility in recent months, largely due to the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC). Following a partial ruling in favor of Ripple by Judge Analisa Torres, which stated that secondary sales of XRP do not qualify as investment contracts, the price of XRP soared to nearly $1, nearly doubling in value in just one day.

This ruling has sparked optimism among analysts and market observers, leading to some rather outrageous price predictions for XRP. One such prediction suggests that XRP could reach $7. However, it is important to note that these predictions should be taken with a grain of salt.

According to EGRAG CRYPTO, the monthly timeframe chart for XRP provides some valuable insights, particularly in terms of market structure. The expert emphasizes the importance of “rock-solid candle bodies” in defining market trends.

Despite the positive outlook, the expert acknowledges that there is still a possibility for XRP to experience a temporary dip, ranging from $0.40 to $0.33. However, this is seen as nothing more than a “pit stop” before the next major challenge at $0.80, followed by $1.3. The expert even suggests that XRP might reach these targets in a single candle, indicating a potentially rapid price increase.

Looking ahead, the prognosis outlines a bullish scenario for XRP, with the main targets being $2.8 and $5.5, and possibly even stretching up to $6-7. These ambitious goals are considered “moonshot” targets for XRP. However, the expert does not provide a specific timeframe for when these targets could be achieved.

It is important to note that these predictions should be approached with caution, as the cryptocurrency market is highly volatile and unpredictable. Investors should conduct their own research and consider multiple factors before making any investment decisions.

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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