The XRP market has recently attracted a lot of attention from speculative traders amid a surge of interest in altcoins. With the breakout seen in the market, different cryptocurrency analysts have expressed different views on the future price action of XRP following a consolidation phase in a symmetrical triangle. While the bullish outlook for XRP appears favorable from a macro perspective, near-term price movements remain a matter of debate.
Furthermore, it is important to note that the legal battle between SEC and Ripple is not yet concluded, as the SEC retains the ability to appeal the summary judgment. Currently, no trial date or deadline has been set for the trial, and legal experts believe Ripple could potentially avoid an appeal by paying a fine, provided the ODL (On-Demand Liquidity) market remains unaffected.
Rising price outlook for XRP
A prominent cryptocurrency analyst on TradingView, Tolberti, with a following of over 23,000 users, has put forward a bullish perspective for XRP’s price action. Tolberti suggests that the XRP market could experience an 83-350 percent increase after the recent breakout.
The analyst explains: “There is a high probability that another 83% pump will reach 1.3244 in the coming days or weeks. This target is significant because it matches the 0.618 Fibonacci retracement level of the previous big wave. In addition, a trend line extending from 2018 to 2021 acts as dynamic resistance, but coincides with the specified Fibonacci level.
However, the analyst also notes that the realization of this bullish outlook could take several months given the heightened volatility associated with XRP.
