- An analyst from Cheeky Crypto forecasted that XRP could climb to as high as $11.22 after the SEC case.
- The number of addresses holding 1 million+ XRP has risen by 14.29% over the past year.
- At press time, XRP was trading at $0.4768 after its price dropped by 0.04% over the past 24 hours.
An analyst from the crypto market analysis channel Cheeky Crypto predicted that Ripple (XRP) may rise to between $5.57 and $11.22 after the SEC versus Ripple lawsuit concludes. The analyst’s prediction is based on the significant accumulation of the altcoin at various wallet levels, which may indicate a positive outlook for XRP.
In the short term, XRP traders have experienced liquidations totaling $939,000, with the majority (97.65%) of these liquidations coming from long positions. However, despite this, the Cheeky Crypto analyst remains optimistic and forecasted potential gains of over 1,000% for XRP.
An encouraging statistic that reinforces the positive sentiment towards XRP is the wallet count data. According to the analyst, there are currently 2,128 wallets holding 1 million or more XRP, representing a growth of 14.29% over the past year.
Additionally, the number of wallets holding more than 1,000 XRP is 33,538, reflecting a significant annual growth rate of 26.13%. These figures indicate a strong accumulation of XRP and further support the bullish outlook for the remittance token.
At press time, CoinMarketCap indicated that XRP was trading at $0.4768 following a slight 0.04% price drop over the past 24 hours of trading. As a result, XRP’s price stood at $0.4769. Furthermore, the crypto had also weakened against the two market leaders Bitcoin (BTC) and Ethereum (ETH), and was down 0.85% against BTC and 0.50% against the leading altcoin.
Looking at XRP’s daily chart, the crypto was at risk of dropping below the crucial support level of $0.4754 in the next 24 hours. A daily close below this support today may result in XRP falling to $0.4690 in the following 48 hours.
On the other hand, XRP closing today’s daily candle above $0.4754 will set the remittance token up to potentially rise to $0.4839 over the next few days. Breaking above this level will be a significant short-term accomplishment for XRP, as it would mean that it was able to break above the 20-day and 50-day EMA lines as well — opening up the door for further gains.
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