Ripple’s XRP Token Surges More Than 120% Amid Legal Victories
If you’ve been following the XRP Ledger, you know that the price of its native token, XRP, has seen a significant surge of more than 120% over the past six months. This uptick comes after Ripple, a key player in the XRP space, secured several legal victories against the U.S. Securities and Exchange Commission (SEC).
In July, Ripple scored a partial win when a Federal Judge ruled that the company’s previous systematic sales of XRP did not constitute an offer of investment contracts. This decision led to XRP spiking above $0.85 before settling around $0.50 in the following days, only to recover soon after.
Last month, Ripple celebrated two additional victories: US magistrates dismissed the SEC’s attempt to overturn the initial ruling, and charges against CEO Brad Garlinghouse and Executive Chairman Chris Larsen were dropped. Consequently, XRP saw its largest single-day increase in value in several months.
XRP Price Predictions and Market Sentiment
Cryptocurrency trader Tony “The Bull” predicts that XRP could see a “God candle” soon based on historical patterns. He points out that when a specific candlestick pattern formed in late 2017, XRP’s price surged by 900% in a single candle. According to his analysis, if this pattern repeats itself, it could see XRP rally to around $11 from its current level of $0.638.
The chart presented by the analyst shows that this particular candlestick setup preceded a massive price surge for XRP from around $0.16 to $2.7 back in late 2017. It’s worth noting that traders’ confidence in XRP remains high as futures positions on Bybit are currently dominated by long positions.
Historical Performance and Speculation
It’s interesting to note that historical data suggests November has generally not been profitable for XRP over the past five years, with an exception last year when it experienced a substantial gain of 178.3%. This makes future predictions uncertain despite the recent bullish momentum.
Hot Take: The Future of XRP
Based on these legal victories and market indicators, there is growing optimism surrounding XRP’s future performance. However, given the volatility of cryptocurrencies and historical trends surrounding November performance, it remains to be seen whether these factors will lead to sustained growth for Ripple’s native token.
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