- An analyst from Cheeky Crypto forecasted that XRP could climb to as high as $11.22 after the SEC case.
- The number of addresses holding 1 million+ XRP has risen by 14.29% over the past year.
- At press time, XRP was trading at $0.4768 after its price dropped by 0.04% over the past 24 hours.
An analyst from the crypto market analysis channel Cheeky Crypto predicted that Ripple (XRP) may rise to between $5.57 and $11.22 after the SEC versus Ripple lawsuit concludes. The analyst’s prediction is based on the significant accumulation of the altcoin at various wallet levels, which may indicate a positive outlook for XRP.
In the short term, XRP traders have experienced liquidations totaling $939,000, with the majority (97.65%) of these liquidations coming from long positions. However, despite this, the Cheeky Crypto analyst remains optimistic and forecasted potential gains of over 1,000% for XRP.
An encouraging statistic that reinforces the positive sentiment towards XRP is the wallet count data. According to the analyst, there are currently 2,128 wallets holding 1 million or more XRP, representing a growth of 14.29% over the past year.
Additionally, the number of wallets holding more than 1,000 XRP is 33,538, reflecting a significant annual growth rate of 26.13%. These figures indicate a strong accumulation of XRP and further support the bullish outlook for the remittance token.
At press time, CoinMarketCap indicated that XRP was trading at $0.4768 following a slight 0.04% price drop over the past 24 hours of trading. As a result, XRP’s price stood at $0.4769. Furthermore, the crypto had also weakened against the two market leaders Bitcoin (BTC) and Ethereum (ETH), and was down 0.85% against BTC and 0.50% against the leading altcoin.
Daily chart for XRP/USDT (Source: TradingView)
Looking at XRP’s daily chart, the crypto was at risk of dropping below the crucial support level of $0.4754 in the next 24 hours. A daily close below this support today may result in XRP falling to $0.4690 in the following 48 hours.
On the other hand, XRP closing today’s daily candle above $0.4754 will set the remittance token up to potentially rise to $0.4839 over the next few days. Breaking above this level will be a significant short-term accomplishment for XRP, as it would mean that it was able to break above the 20-day and 50-day EMA lines as well — opening up the door for further gains.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post XRP May Climb to $11.22 Post the SEC Case, Predicts Analyst appeared first on Coin Edition.