The XRP token has experienced a significant decline this month, losing nearly 15% of its value.
The XRP token has experienced a significant decline this month, losing nearly 15% of its value. The main catalyst for this decline was the SEC’s recent appeal of the ongoing Ripple lawsuit, a move that has created uncertainty in the market.
Source: BNC XRP Liquid Index
Despite the economic downturn, market analysts suggest this is not a cause for panic and could present a buying opportunity. Historical price patterns and recent whale activity suggest a potential for future XRP price spikes. However, the SEC’s appeal is a major hurdle for the bullish scenario, especially if the court rules that secondary sales of XRP to retail investors are illegal in the US.
Ripple is reportedly considering a cross-appeal, with Chief Legal Officer Stuart Alderroti saying the SEC’s case against the company was “wrong from the beginning.” Ripple CEO Brad Garlinghouse echoed this sentiment, questioning the SEC’s continued pursuit of this case, saying it undermines the SEC’s credibility and protects investors. I don’t think it was possible.
long term price prediction
Technical analysis of XRP’s monthly chart reveals the formation of a symmetrical triangular pattern, similar to the structure that preceded large price movements in the past. If XRP follows historical trends, a breakout from this triangle could lead to significant gains.
Analysts suggest a potential upside target of $23.40, which equates to an astounding 4,200% upside. This breakout could occur around June 2025 if price breaks above the upper trendline of the triangle. However, if the bearish pressure continues, XRP could break below the lower trendline and the 50-month EMA, which currently coincides around $0.52, leading to further declines.
Recent trends and market sentiment
Adding to the uncertainty, the massive movement of around 250 million XRP tokens from exchanges by anonymous whales has raised eyebrows. This comes amid growing skepticism from XRP critics, including Bitcoin maximalist Max Kaiser, who denies the possibility of an XRP rally. Peter Brandt, a veteran trader, He even predicted that the price of XRP would collapse to zero. against Bitcoin based on a long-term head-and-shoulders pattern.
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Despite the negativity, there is also a glimmer of hope. Leading crypto index fund manager Bitwise recently filed for an XRP ETF, becoming the first company to do so. However, this news did not cause a price increase and was likely overshadowed by the SEC’s lawsuit.
Currently, XRP is trading around $0.53, below the important 200-day EMA and nearing a key support level. If this support is broken, the token could fall to the $0.48 to $0.49 range, suggesting further downside risk.
The coming months will likely see a lot of upside as the market awaits the outcome of the SEC appeal and observes whether the token can overcome the current negative sentiment and capitalize on its long-term breakout potential. This will be extremely important for XRP.
