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Ripple (XRP) is poised for a significant price surge of up to 70%, according to a recent technical analysis by trader RLinda. The analyst suggests that XRP is forming a false break of support on the XRPUSDT trading pair, and a long-term consolidation above the current zone could lead to a continuation of growth. Linda says that it has the potential to open up a 50-70% price increase.
XRP Price Squeezed Within Triangle on Weekly Timeframe
RLinda observes that a triangle pattern is currently squeezing the XRP price on the weekly timeframe (W1). The market appears to be forming another attempt to retest the resistance zone, indicating potential bullish momentum.
However, the ongoing legal proceedings between the U.S. Securities and Exchange Commission (SEC) and Ripple are currently restraining the market from experiencing strong growth.
Also read: Cryptocurrency: Top 3 AI Coins to Watch For Double Digit Gains
Recent developments in the SEC lawsuit have shown that Ripple is willing to pay a $10 million fine instead of the initially proposed $2 billion. Additionally, two strong lawyers have resigned from the SEC, which could potentially impact the case’s outcome in Ripple’s favor.
Key Support and Resistance Levels to Watch
RLinda has identified several key support and resistance levels that could play a crucial role in determining XRP’s future price action. The support levels are identified at $0.5000 and $0.4226, while the resistance levels are set at $0.6431, $0.7325, and $0.8547.
The analyst suggests that once the price consolidates above the $0.500 area and breaks out above $0.73, it will realize its upside potential. RLinda believes that a new bullish era will begin for XRP, enabling Ripple to conquer new price peaks, if the legal nuances surrounding the SEC lawsuit resolve soon.
Also read: Ripple (XRP) Forecasted To Hit $1.9 If This Happens
Whale Accumulation Increases as Interest in XRP Grows
In a recent comment, RLinda noted that interest in XRP is increasing, with whales accumulating large volumes of the cryptocurrency at current cheap prices. Large investors’ accumulation of XRP could indicate their confidence in the cryptocurrency’s future prospects, potentially leading to a price surge once the SEC lawsuit resolves.
The resolution of the lawsuit could be a significant catalyst for XRP’s price, potentially leading to a breakout from the current triangle pattern and a 50-70% price surge.
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