Recent debates among crypto analysts signal the positive change in attitudes towards Ripple’s XRP and potential increases in its value. Altstein, a trader famous for converting investments into profits, noted that it is high time to stop focusing on the negative that is surrounding XRP.
He expects the asset’s value to rise by as much as 600% due to a positive court ruling and good market conditions. As pointed out by Altstein, XRP has bounced back, with its value rising from $0.43 to $0.64 in a week, which is a 48% improvement.
Ripple Legal Victory and Market Reactions
The outcome of the Ripple vs. SEC lawsuit has been instrumental in changing the market perception of XRP. The victory of Ripple in the case which led to the decrease of the fines proposed has supported the position of the asset in the market.
As noted by Altstein this outcome means that XRP is not a security, opening the doors for rapid expansion. Subsequently, XRP has experienced a short-term rally after which it has struggled to overcome the $0.064 level.
Additionally, legal analysts have challenged Elon Musk to consider incorporating XRP in the X Payments platform owing to this win. The platform is expected to launch in the current year and will incorporate fiat currencies.
XRP Price Technical Analysis and Future Predictions
CoinsKid provides more technical analysis that sheds light on potential resistance levels that XRP price has to break to maintain a bullish trend. The analysis depicted an Elliott Wave pattern and showed that there would be fluctuations but the trend would be upward.
XRP fell after breaking the $0.63 level but is expected to make considerable advances as long as it can break through the $0.74 mark. This level is critical in starting a bullish trend for the cryptocurrency, according to the analyst.
Market and Investor Sentiments
Despite the favorable technical signals and legal processes, XRP is a subject of interest from the investors. Long periods of stagnation at the $0.50 level have generated contradictory opinions among the investors with some complaining of the lack of volatility.
However, current trends and expectations of a breakthrough of key resistance levels have renewed interest in XRP. According to market analyst Javon Marks, these potential hurdles could lead to new all-time highs and even higher price increases.
These developments come at a volatile time for XRP, trading at $0.5813, a 7.5% decline in the last 7 days.
