• 26 May, 2024
Market News Markets

Is XRP’s Bull Run Imminent? Analyst Reveals Key Levels Amidst Legal Developments

Egrag Crypto, a well-known voice in the cryptocurrency community, has released a comprehensive analysis of XRP’s price movements, highlighting key stages in its potential trajectory over the next 300 days. The analysis is particularly timely as the XRP community awaits the SEC’s upcoming reply in the Ripple lawsuit, a critical event that could significantly impact XRP’s future.

According to Egrag’s analysis, XRP’s price is currently in a crucial phase of structural formation, with a strong base forming between 0.53c to 0.58c. This indicates a potential bullish run starting at 0.55-0.58c. The sentiment status is expected to shift between 0.63c-0.70c, providing insights for seizing price opportunities and managing risk.

The MACRO range of 0.75c – 0.85c is highlighted as a key level to watch, as a weekly close above it could signal the start of a bull run. Additionally, a monthly closure above this range could mark the end of an era below $1 for XRP, signaling a significant shift in sentiment and market dynamics.

Egrag also points out the psychological battlefield for XRP, noting that the range between 0.93-$1 is where emotions clash, including fear, greed, anxiety, and overconfidence. A monthly close above this range could mean saying goodbye forever to prices below $1, marking a significant milestone for XRP.

Meanwhile, prominent crypto commentator Ashley Prosper has outlined the upcoming stages of the Ripple lawsuit, including a potential settlement and final ruling timeline. The SEC is set to file its final reply in the remedies phase on May 6, 2024, with a redacted version expected to be filed in the public docket on May 8.

Judge Analisa Torres could issue a final ruling around July, September 2024, according to Prosper. However, several legal experts project that the final resolution of the Ripple lawsuit could be pushed to 2026 if any of the parties appeal the judge’s ruling. As per the latest update, XRP is trading at $0.5347 showcasing a 1.06% growth in the last 24 hours.

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