According to CryptoPotato, Ripple's XRP cryptocurrency experienced a modest 2% daily increase, currently valued at nearly $0.61. Market analysts predict that the asset could surge if it surpasses the $0.75 resistance. The price of XRP is also expected to be influenced by the upcoming Ripple vs. SEC trial.
On April 8, the cryptocurrency market saw another substantial rally, with Bitcoin briefly surpassing the $72,500 mark. Ripple's XRP also experienced gains, although less impressive than its rivals. The asset is currently worth almost $0.61, representing a 2% increase on a daily scale.
Several bullish analysts who frequently observe XRP's movements predict this is the starting point for a significant future upswing. One analyst, EGRAG CRYPTO, claimed the asset's price trajectory has formed the so-called 'three camel humps.' The analyst believes that breaking above the major resistance level of $0.75 could lead to a 'bullish momentum' and an eventual jump to the range of $1-$1.30. Another analyst, Dark Defender, suggested that XRP is currently at a 'bouncing point' and forecasted that it 'will definitely appreciate against BTC very soon.'
Other industry participants, including crypto analyst Mikybull Crypto and financial expert Vandell AlJaraah, also shared their views. Mikybull Crypto maintained that XRP 'has concluded its retest and it's now preparing for an explosive upward move,' while AlJaraah thinks the asset's valuation will peak in the months after the Bitcoin halving.
Several important factors, including the outcome of the Ripple vs. the SEC lawsuit, can trigger significant price swings for the token. The trial between the parties is scheduled for April 23.