The XRP price and its trajectory have been one of the most debated in the crypto community after a rapid surge that saw its price rise 600% back in 2024. Since then, the altcoin has slowed down and has been skirting support around the $2 level, with bears unable to break this level so far. With support holding so strong, expectations are that a renewed and sustained bullish momentum will begin, and this time, analysts are putting the XRP price in the double-digits.
XRP Price Forms Classic Bullish Flag Pattern
Crypto analyst Persian Blockchain has made bold predictions for the XRP price as the altcoin has seen the formation os a classic bullish flag pattern. This pattern emerged with the rise and subsequent fall in the XRP price and has continued to show signs of more bullishness to come.
One important factor that the crypto analyst points out is the fact that classic bullish flag patterns are a continuation structure. This means they often signal the start of an upward movement, most likely to push toward the previous peaks seen with the last rally.
As expected, there are still some resistances on the chart that the XRP price will have to clear. In this case, the crypto analyst highlights a level like the $2.7 resistance, which is the level to beat. As they explain, if the XRP price is able to successfully break above the resistance and then enter the buy zone, then a breakout could be expected.
The crypto analyst said: “A retest of the breakout area followed by bullish confirmation could signal the beginning of a larger move toward the $10 psychological level.” This would mean an over 400% move from the altcoin to push it toward brand new all-time highs.
Ripple Vs. SEC Lawsuit Plays A Role
So far, the long-running Ripple vs. SEC lawsuit has played a huge role in suppressing the XRP price over the years, and even now, continues to loom over the digital asset. There is yet to be a final conclusion to the legal battle, although the court’s rulings have been leaning toward a favorable outcome for Ripple.
The crypto analyst points to the SEC’s 60-day deadline coming to an end on June 16, and if the courts rule in favour of Ripple, then this could spark a fresh rally. Moreover, there has also been a rise in global liquidity, and as the stock market and Bitcoin are expected to rise, the XRP price will rise in tandem as one of the largest cryptocurrencies in the market.
A positive outcome and final conclusion to the SEC battle would renew confidence in XRP and possibly drive new investments. “The alignment of a legal breakthrough, improving macro liquidity, and a bullish chart structure makes this a scenario worth watching closely,” the analyst concluded.
Featured image from Dall.E, chart from TradingView.com
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