Over the past 24 hours, Ripple (XRP) Price has seen a 2.5% increase in price, making it one of the stronger performers. In seven days, XRP has risen 1.83%. However, the short-term price outlook remains uncertain. Despite this uncertainty, optimism about the future of XRP is growing, driven by the recent legal victory.
In his X-post, Matthew Dixon, CEO of crypto valuation platform Evai, shared his belief that an XRP bull run is possible, based on insights from market analysts. However, he recommends trading cautiously in the short term and closely monitoring key resistance levels before committing to a long-term investment strategy.
But what does this bullish theory add, especially since post-Ripple abandoned a 15 million deal and moved 75 million for XRP asset reallocation? Let’s see.
Analyst Outlines a Bullish Scenario for XRP Pump
Dixon noted that XRP’s recent legal triumph, with a US district judge ruling in its favor, has catalyzed the bullish trend. The ruling clarified that certain XRP sales do not qualify as securities. While the crypto community is keeping a close eye on XRP’s performance, the question remains whether it can maintain its positive momentum. Dixon points to the need for XRP to convincingly break key resistance levels before pursuing a long-term investment strategy.
While others see Ripple’s planned exit from Fortress Trust in September as a positive trigger for the XRP price, Ripple will continue to support Fortress Trust as an investor. This decision may be related to the high legal costs of the SEC case of $200 million, which allows Ripple to reallocate resources. The price of XRP has risen recently, possibly driven by this development and concerns raised during a hearing involving SEC Commissioner Gary Gensler.
XRP Price – Take It With A Grain Of Salt!
Despite the positive shift in market sentiment, Dixon remains cautious. Given the volatility and regulatory uncertainties in the crypto market, he recommends a measured approach. While some analysts are forecasting substantial gains for XRP and predicting prices as high as $250, Dixon emphasizes the importance of vigilance. He plans to keep a close eye on XRP’s performance and will consider becoming a long-term investor if the bullish trend continues.
This makes sense because after breaking out of the descending channel, XRP faced resistance at the 200-day EMA. However, the price reversed to retest the channel break and gained bullish momentum thereafter. Currently, the XRP price is trading at $0.5162 with an intraday decline of 1.05%, reflecting a small pullback as bears become active at the EMA.
A short-term overview and long-term potential
While Dixon remains cautious, he prefers short-term positions with close-stop losses until overhead resistance is definitively broken. If this happens, he is willing to take a long-term investment perspective, provided the conditions for a sustained bull run remain robust. Do you agree with his sentiments? Tell us.
