- A crypto analyst predicts a potential surge for XRP depending on Bitcoin’s future.
- If Bitcoin rises above $67,000, then XRP might rebound and regain its bullish momentum
- XRP turned bullish after the Court reduced Ripple’s penalty fee than the proposed amount.
A crypto analyst predicts that XRP could surge if Bitcoin breaks above $64,000. The analyst, known for his insights on X, believes XRP’s price is currently “holding strong” and could regain bullish momentum if Bitcoin performs well.
The analyst’s chart shows his expectations for XRP, suggesting it could climb above the upward trendline that began from a July 5th swing low. If XRP reaches this trendline, it could continue to rise and break through the resistance around $0.65.
Over the past two months, XRP maintained a sideways range, trading between $0.50 and $0.67. Several analysts assumed that this movement was triggered by users who were awaiting the verdict in the lawsuit between Ripple and the SEC.
Read also : XRP Price Analysis: Technical Outlook and SEC Lawsuit Uncertainty
The court fined Ripple Labs $125 million, less than the SEC’s proposed $2 billion. This decision pleased XRP traders, sending the market into a bullish phase. Ripple received the fine after the SEC alleged it sold XRP to institutional investors.
Last week, the SEC disclosed its decision to appeal the judgment, leading to a notable decline in XRP’s price. However, its price did not fall below the $0.50 range. At the time of press, it has rebounded and is trading for $0.546, according to data from TradingView.
The verdict was welcomed by the cryptocurrency community, ruling it as a partial victory for Ripple. However, if the SEC’s appeal was rejected by the Court, it would have led to a stronger bull run for XRP and signal positive developments for Ripple. Considering its market conditions, analysts expect XRP to thrive on current technical factors, considering that the Court would likely hold back the appeal to another time.
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