While most cryptocurrencies see an exit during this turbulent time in the market, XRP is on course to break through all short-term barriers and hit the $0.6 level.
As the lengthy legal dispute between Ripple Labs and the Security and Exchange Commission (SEC) will soon come to an end, investors are encouraged to buy long-term XRP at a discount. CEO of trading platform Eight and trading guru Michaal van de Poppe believe the cryptocurrency asset could rise further depending on Bitcoin’s performance.
Poppe claims that if the world’s largest cryptocurrency by market capitalization consolidates and breaks above $20,000, XRP and other altcoins may also have significant breakouts.
He advised altcoin investors to prepare for an impending rally. Bitcoin may stabilize above $20,000 rather than falling to the $12,000-$4,000 area.
“Well, XRP has been breaking out a lot. Thing is, if Bitcoin consolidates and gets back to $20,000+, it’s probably time for more of these altcoins to have some big breakouts,” Poppe said in a tweet today.
In fact, XRP has seen significant growth over the past week. This comes after summary judgment requests were formally filed by Ripple and the Securities and Exchange Commission. It has become clear that the case, which has slowed the growth of XRP for more than a year, is close to being resolved.
Cryptocurrency investors are rapidly embracing XRP, driving the price of the currency higher following developments in the lawsuit that indicate a possible favorable outcome for Ripple. The price of XRP has increased by almost 50% over the past week, rising from $0.32 to $0.55.
Moreover, as Ripple released information about the payment provider, the mood of the community is optimistic. They are increasing the use cases for their on-demand liquidity offering, which is encouraging the market and setting the stage for a major bull run in the coming weeks.
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