XRP 75% Surge Inevitable: Exciting Bullish Breakout Predicted

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The cryptocurrency market is currently experiencing a bullish wave, with leading tokens taking full advantage of this favorable trend. However, Ripple (XRP) has yet to fully capitalize on this market surge, with its price remaining sluggish despite the overall positive momentum.

One significant factor contributing to Ripple’s slow price movement is the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). The uncertainty surrounding this case has hindered XRP from achieving the bullish breakthrough that many in the market had anticipated.

Despite these challenges, some crypto analysts remain optimistic about XRP’s potential. Notably, Egrag Crypto has pointed out a promising technical development in Ripple’s price chart, the formation of an inverted hammer. This pattern is generally seen as a bullish signal, indicating a potential price hike for the asset.

Egrag Crypto explained,

“The inverted hammer formation is created when the open, low, and close are roughly the same price. Also, there is a long upper shadow, which should be at least twice the length of the real body.”

In trading terminology, an inverted hammer typically appears at the end of a downtrend and signals a bullish reversal. It suggests that sellers have pushed the price down to a certain level, only for buyers to step in and drive it back up, challenging the sellers’ control.

According to Egrag Crypto, Ripple’s price chart is nearly 75% complete in forming this bullish hammer pattern. This development is sparking hopes for a new price breakout, potentially driving Ripple to new highs in the near future.

Egrag Crypto stated on X,

“Ripple Embraces The Inverted Hammer #XRP Inverted Hammer – Super #Bullish Alert! ???????????? The Monthly Time Frame candle formation is sending out strong signals! Last month’s candle showed a 75%-inverted hammer formation at the bottom, which is super bullish! ????Formation.”

Egrag Crypto predicts that Ripple will hit the $0.75 mark by July 2024, suggesting a significant price increase in the coming months. Other analysts, such as those at CoinCodex, also foresee a substantial uptick for Ripple. They predict a 20% rise by the end of June, potentially reaching $0.63.

According to CoinCodex, XRP could see substantial gains throughout 2024, possibly ending the year at the $1 mark. CoinCodex analysts predicts,

“XRP is forecast to trade within a range of $0.331521 and $1.639717. If it reaches the upper price target, XRP could increase by 212.43% and reach $1.639717.”

As the market eagerly awaits the resolution of the Ripple-SEC case, the potential for a bullish reversal keeps XRP in the spotlight. Whether XRP can break free from its current sluggish pace and join the bullish trend remains to be seen.

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