The post Ripple News: Analyst Predicts XRP Price Could Break All-Time High Record Soon appeared first on Coinpedia Fintech News
Over the past 24 hours, Ripple (XRP) Price has shown a 2.5% price increase, making it one of the stronger performers. In seven days, XRP has risen by 1.83%. However, short-term price prospects remain uncertain. Despite this uncertainty, there is growing optimism about XRP’s future, driven by its recent legal victory.
In his X post, Matthew Dixon, CEO of crypto valuation platform Evai, shared his belief that an XRP bull run is possible based on insights from market analysts. However, he advises cautious short-term trading and closely watching key resistance levels before committing to a long-term investment strategy.
But what is adding to this bullish theory, especially since post-Ripple abandoned a 15M deal and moved 75M for XRP asset redistribution? Let’s take a look.
Analyst Paints a Bullish Scenario for XRP Pump
Listening to other market commentators I hear a lot of Bullishness in the air for #XRPThey may well be right but I will remain cautious until that overhead resistance is convincingly breached.If it is im happy to go long but until then shorts are favoured with close stop… pic.twitter.com/z0LehJO1CS
— Matthew Dixon – CEO Evai (@mdtrade) September 29, 2023
Dixon noted that XRP’s recent legal triumph, where a US District Judge ruled in its favor, has catalyzed its bullish trend. The judgment clarified that certain XRP sales do not qualify as securities. As the crypto community closely watches XRP’s performance, whether it can sustain its positive momentum remains. Dixon notes the need for XRP to convincingly breach key resistance levels before committing to a long-term investment strategy.
While others see Ripple’s planned exit from Fortress Trust in September as a positive trigger for the XRP price, ripple will continue to support Fortress Trust as an investor. This decision may be related to the SEC case’s high legal costs of $200M, allowing Ripple to reallocate resources. XRP’s price has seen recent gains, possibly influenced by this development and concerns raised during a hearing involving SEC Commissioner Gary Gensler.
XRP Price -Take it with a Grain of Salt!
Despite the positive shift in market sentiment, Dixon remains cautious. Given the volatility and regulatory uncertainties in the crypto market, he advises a measured approach. While some analysts project substantial gains for XRP, predicting prices as high as $250, Dixon stresses the importance of vigilance. He intends to monitor XRP’s performance closely and will consider becoming a long-term investor if the bullish trend persists.
This makes sense, as after breaking out of the falling channel, XRP faced resistance at the 200-day EMA. However, the price retraced to retest the channel breakout, gaining bullish momentum afterward. Currently, the XRP price trades at $0.5162 with an intraday fall of 1.05%, reflecting a minor pullback as bears get active at the EMA.
A Short-Term Overhal, Long-Term Potential
Dixon, while staying cautious, favors short-term positions with close stop losses until overhead resistance is definitively breached. If this occurs, he is willing to adopt a long-term investment perspective, provided the conditions for a sustained bull run remain robust. Do you agree with his sentiments? Tell us.