- Ripple (XRP) could potentially surge to $5.57 to $11.22 after legal battle.
- XRP traders face liquidations of $939,000, but analyst predicts gains exceeding 1,000%.
- Wallet count data shows growth in XRP holders, endorsing optimistic perspective.
A crypto market analysis expert from the renowned channel Cheeky Crypto has put forth a projection suggesting that Ripple (XRP) could potentially experience a surge, reaching a price range of $5.57 to $11.22, after the conclusion of the ongoing legal battle between Ripple and the SEC. This forecast is grounded on the notable accumulation of the altcoin across multiple wallet tiers, which potentially signifies a favorable trajectory for XRP.
In the immediate timeframe, XRP traders have encountered liquidations amounting to $939,000, primarily from long positions, constituting 97.65% of the total. Nevertheless, despite these developments, the Cheeky Crypto analyst maintains a positive outlook and projects potential gains exceeding 1,000% for XRP.
The wallet count data is a compelling metric that bolsters the optimistic outlook on XRP. As per the analyst’s findings, there is a total of 2,128 wallets possessing 1 million or more XRP, showcasing a remarkable growth rate of 14.29% over the previous year.
Furthermore, there has been a notable surge in the number of wallets containing over 1,000 XRP, reaching 33,538. This signifies a substantial annual growth rate of 26.13%, highlighting a robust accumulation of XRP. These statistics serve as a compelling endorsement for the optimistic perspective on the remittance token.
As of the latest update, CoinMarketCap reported that XRP was traded at $0.4768, experiencing a marginal decline of 0.04% within the last 24 hours. Consequently, the current price of XRP settled at $0.4769. Additionally, XRP decreased 0.85% against Bitcoin (BTC) and 0.50% against the prominent altcoin Ethereum (ETH), indicating a weakening trend compared to these market leaders.
Upon analyzing XRP’s daily chart, it is evident that there is a potential downside risk, with the cryptocurrency being susceptible to breaching the significant support level of $0.4754 within the next 24 hours. Should the daily closing price dip below this crucial support level today, XRP may likely experience a subsequent decline to $0.4690 within the subsequent 48 hours.
In contrast, if XRP surpasses the $0.4754 mark by today’s trading session, it could pave the way for a potential increase to $0.4839 in the coming days. This achievement would be significant for XRP in the short term, indicating a successful breach of the 20-day and 50-day EMA lines. Such a breakthrough would create favorable conditions for further upward movement and potential gains.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
