Ripple (XRP) price has resurrected from its ashes after the latest court ruling. XRP crypto has been on fire since yesterday and has surged to its highest level since March 2022. The latest analysis reveals that the upside is massive if the price reclaims a key level.
On Thursday, altcoins had a strong surge as many smaller cryptocurrencies outperformed Bitcoin. On Friday, the markets are consolidating after a major leg in yesterday’s trading session. XRP price had a 7% pullback today after a 73% pump on Thursday.
In one of the major fundamental victories for cryptocurrencies, a US judge declared XRP not to be a security. This was revealed in the ruling of the Ripple vs SEC case, which has been in proceedings since 2020. The decision means that most altcoins can’t be labeled as securities as they are just digital tokens.
Altcoins started to gain higher bids as the news broke out. Ripple price surged from $0.47 to $0.93 in one of the most explosive market cap-wise moves in the history of cryptocurrencies. Consequently, XRP has become the 3rd biggest digital asset excluding stablecoins. Bitcoin and Ethereum keep the top two spots.
Data tracking site, Coingecko shows that the current XRP price puts it at a market capitalization of $40.9 billion. To hit the market capitalization of Ethereum, XRP needs to increase 6 times in its value. This gives us a price of $4.55 per coin. This Ripple price prediction seems just a dubious speculation as the adoption stats of ETH are much higher than XRP.
From the perspective of technical analysis, the price needs to close a week above the swing high of $0.93. This will change the market structure of the coin from bearish to bullish. Such a move could pave the way for XRP to retest its 2021 high of $1.97. However, this price target is only likely to meet if the BTC price action remains positive in the coming months.
In the meantime, I’ll keep sharing updated XRP analysis and my personal trades on my Twitter, where you are welcome to follow me.
This post was last modified on Jul 14, 2023, 15:55 BST 15:55