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XRP breakout finally on horizon? Expert analysis

XRP breakout finally on horizon? Expert analysis

Amid concerns that XRP was failing to follow the generally bullish sentiment of the wider cryptocurrency market, particularly after receiving legal clarity in the courtroom standoff between Ripple and the United States Securities and Exchange Commission (SEC), it seems that the tide is finally turning.

Indeed, the pseudonymous crypto expert CoinsKid noted a “vertical forming in the XRP chart to at least $1.13,” according to his analysis shared on December 6, which was a follow-up to his previous post in which he said that there was only “one leg missing” for the breakout to happen.

Specifically, the crypto trading analyst was referring to his earlier observations from November 6, in which he argued that the XRP token breaking above resistance at $0.6753 would open its way toward $1.31. Considering that it is now trading around the $0.63 threshold, the above price is not inconceivable. 

As he said at the time:

“If you have been paying attention and it continues to play out like such, we should see the local July high held a resistance for a few weeks before a big 5th wave break towards the minimal $1.31 target for XRP.”

Concerns over price

Elsewhere, some members of the XRP community had earlier expressed concerns over their favorite cryptocurrency not taking the cue from Bitcoin (BTC), as the flagship decentralized finance (DeFi) asset advanced 3.70%, while XRP was declining 0.47%, as observed by X user Chloé XRP on December 5.

Another one of the troubled XRP supporters was lawyer Bill Morgan, who has been sharing his views on the Ripple v. SEC case. As it happens, the legal expert voiced his concern over the seemingly sluggish price performance of XRP compared to other major crypto assets, as Finbold reported on November 29.

XRP price analysis

In the meantime, XRP is currently changing hands at the price of $0.624, recording an increase of 2.17% in the last 24 hours, as well as gaining 2.37% across the previous seven days as it moves to reverse the loss of 10.35% on its monthly chart, as per data on December 6.

XRP 7-day price chart. Source: Finbold

All things considered, the community’s fears over XRP’s price performance may have been unfounded, and if specific correction scenarios play out, the token might rally as much as 120% and even be looking forward to a price of $5 long-term, which is why it may not be too late to invest in XRP yet.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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