XRP Analysis: Key Legal Developments Indicate Potential 30% Upside Based on Historical Trend

XRP is poised for a significant surge of 30% in April, as indicated by its price chart displaying bullish patterns. Ripple’s CEO, Brad Garlinghouse, criticizes the SEC for its abuse of power and disregard for the law in its recent request for a $2 billion fine and penalties. XRP has shown a steady but gradual reaction to major events, and investors eagerly anticipate a bullish rally. In the past 24 hours, the broader market has seen a recovery, with XRP following suit and experiencing a 2.4% growth to reach $0.64. Notably, its trading volume has increased by 65%.
Experts predict that XRP could experience its first significant surge of the year in April, with a potential upswing of 30%. Historical data supports this projection, as CryptoRank data suggests an average monthly return of 31%. April has historically been a successful month for XRP, with notable gains in 2019, 2020, and 2021. In 2021 alone, the market witnessed a remarkable jump of 174.1%. However, April 2022 and April 2023 were anticipated to have a decline.
Some analysts argue that XRP’s return to $1 is long overdue, as previously reported by CNF. Notably, renowned trader EGRAG Crypto agrees with this sentiment, highlighting the formation of a “W” pattern in XRP’s price chart. Based on his analysis, the asset could potentially surge by over 50% and reach $1.2 in the coming weeks.
Confirming the bullish potential of XRP is another analyst who has observed a rare bullish cross that surpasses the golden cross of the 200 and 50 EMA. By focusing on the current price, the analyst believes that the 100 EMA crossing over the 50 EMA indicates strong bullish momentum, setting the stage for steady growth for XRP. Interestingly, XRP’s crucial resistance level is set at $0.64, suggesting that the possibility of reaching new heights hinges on its ability to sustain above this level. The next price target is currently set at $0.7.
Amidst these developments, Ripple continues its legal battle against the SEC. Ripple’s Chief Legal Officer, Stuart Alderoty, reveals that the SEC has requested a $2 billion fine and penalties. Alderoty dismisses this as mere intimidation and an unlawful operation. Ripple’s CEO, Brad Garlinghouse, accuses SEC Chair Gary Gensler of consistently abusing the agency’s power and disregarding the law.
Gensler’s SEC has faced criticism for repeatedly acting outside the law, with judges admonishing the agency for gross abuse of power and failing to uphold faithful allegiance to the law in previous cases. Furthermore, Gensler has been criticized for his lack of attention to SBFraud.