XRP Price Eyes 188% Upside in a Clear Breakout Pattern - Coinspeaker

Key Notes

• The conclusion of the Ripple vs SEC lawsuit triggered a sharp increase in XRP activity, with daily trading volumes up 208% to $12.4 billion.
• XRP is consolidating near its all-time high on a two-week timeframe, with futures open interest climbing 9% to $8.67 billion.
• Analysts are hopeful of a strong comeback in the upcoming altcoin season.

Amid the broader crypto market rally, XRP

XRP $3.28

24h volatility: 2.9%

Market cap: $194.81 B

Vol. 24h: $8.01 B

price has also surged 4.6% moving to $3.28, and setting the stage for a strong breakout ahead.

Market analysts are still hopeful for a rally to $10, with nearly 188% upside from the current levels. Following last week’s Ripple lawsuit settlement, analysts are optimistic about the potential for a significant rally.

XRP Price Eyes 188% Upside From Here

Javon Marks, a prominent crypto analyst, stated that XRP’s current market structure mirrors its previous bull cycle, suggesting a potential surge toward the $9.63 level.

This would represent an additional gain of approximately 188% from current prices. Marks added that the rally might not stop there, indicating the possibility of even higher price targets ahead.

As mentioned above, the XRP price is showing strength with 4.6% upside in the last 24 hours, and its market cap is approaching $200 billion.

The daily trading volumes for the Ripple cryptocurrency have surged more than 15% to $9.16 billion, showing strong bullish sentiment among traders.

Related article: Should Investors Buy XRP Price Dips as XRP ETF Chances Fade?Coinglass data shows that the XRP futures open interest is up 9% to more than $8.67 billion.

Another popular crypto analyst, EGRAG Crypto, highlighted that XRP is consolidating on a two-week timeframe near its all-time high, despite prevailing bearish sentiment among some market participants.

He added that despite the technical chart patterns highlighting a clear upside, market sentiment continues to remain surprisingly bearish.

Ripple Lawsuit Settlement Has Sparked Institutional Demand

Last week, Ripple Labs and the U.S. Securities and Exchange Commission (SEC) officially withdrew their appeals, bringing an end to years long XRP lawsuit.

Despite the confusion in the crypto community, SEC Commissioner Hester Pierce and chairman Paul Atkins has officially confirmed the end of the legal battle.

The resolution has spurred significant institutional interest, as the daily trading volumes went up by a massive 208% to $12.4 billion following the announcement.

On the other hand, investor confidence has been lifted by enterprise adoption, such as Blue Origin’s integration of XRP payments.

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