Key Takeaways
- Crypto analyst confirms XRP price to reach $130 in the long-term outlook.
- A huge amount of the circulating supply is reported to be held by whales, instilling confidence in investors.
- SEC dropped the long-standing appeal against Ripple this week, which further solidified the position of XRP.
Crypto analyst Egrag Crypto has provided a bullish outlook for the price of XRP, the native digital currency of the Ripple network. Analysts believe that it is just a matter of time before the token breaks out.
Analyst Predicts XRP price to reach $130
XRP is making waves in the crypto market, jumping 14% and breaking past $2.50 as significant investors keep loading up. The token has increased by a whopping 543.6% over the last two years and is backed by the Federal Reserve of the USA. Egrag Crypto believes that SEC dropping the case on XRP is a major win in terms of long-term adoption and utility of the token.
The analyst has alluded to previous analysis and predicted that the XRP can reach a price point of $130, which indicates that the altcoin is still on its path to this ambitious price target. According to Egrag Crypto, the price of XRP could shoot up to reach $27 in the short term, given that investors stay patient and overcome the boredom period. He stated that if the price stays above the $2.9 breakout, it could first jump to $8 before it continues its bullish momentum.
It is interesting to note that large holders keep accumulating XRP tokens despite recent price drops (like at $2.45), with the addition of a total of 6.5% more XRP in just a few months. The total whale holdings add up to worth $114 billion currently.
Reportedly, a significant amount of the token (around 46.6 Billion XRP) is controlled by whales, which is a strong boost for investor confidence. The network activity of the token is also on the rise, with 6 times more unique wallets interacting on-chain this month alone.
Furthermore, crypto analyst Gert van Lagen has also predicted the token to shoot up to $38, noting that the price is bouncing off the neckline of a 7-year-long ascending triangle pattern. He believes that XRP could take off soon in a massive bull run. Ripple CEO Brad Garlinghouse recently even stated that XRP could potentially be part of the US crypto reserve, citing Trump’s March executive order regarding digital asset stockpiling.
Analysts remain positive as regulatory clarity improves, it will directly improve the rate of institutional interest in the token and might also enable Ripple to expand its banking partnerships. Currently, there are speculations about the possibility of a potential XRP ETF and even a Ripple IPO.
XRP is currently testing the $2.6 resistance level, signaling strong bullish momentum. A breakout above this level suggests that it is only a matter of time before the price moves towards $2.8 or even 3 dollars, due to the increasing buying pressure and market confidence.
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Ripple and the SEC
Ripple Labs, which is mainly fuelled by the XRP token, has been locked in a legal battle with the United States Securities and Exchange Commission since late 2020. The SEC had filed a lawsuit against Ripple Labs and two of its executives alleging that they traded $1.3 billion XRP token as security without registering it with the commission beforehand. There have been numerous arguments for and against the lawsuit in the past years. However, Ripple has stood its ground, arguing that the SEC is biased in its assessment. The SEC has officially dropped its appeal against Ripple, removing a major obstacle the platform has been facing.
Ripple Labs announced on Monday that the U.S. Securities and Exchange Commission has ended its appeal following a court ruling that stated it would make it harder to oversee cryptocurrency markets. The SEC had been appealing a decision that the XRP token sold by Ripply on public exchanges did not fully meet the legal definition of a security, as per Judge Analisa Torres in Manhattan. Ripple Chief Executive Brad Garlinhouse sees the end of the SEC appeal as a huge victory and a long overdue surrender by the regulator.
Even with the positive charts of the analysts and SEC dropping the case, the XRP token has not surged significantly. This has caused panic among investors, who are wondering why the token is not mooning even after the positive news. There is fear among investors as prices remain the same. Egrag Crypto assures investors that the market might remain strong for a longer period due to steady prices and new ETFs will likely attract a new breed of participants. At the time of writing, XRP is switching hands at $2.41, up 4.01% in the last week.