While most cryptocurrencies are experiencing an outflow during this period of market turbulence, XRP is on pace to surpass all short-term barriers and reach the $0.6 level.
Since the long legal dispute between Ripple Labs and the Security and Exchange Commission (SEC) will soon come to an end, investors are encouraged to purchase XRP for the long term at a discount. The CEO of trading platform Eight and trading guru Michaal van de Poppe thinks the cryptocurrency asset might still move higher based on Bitcoin’s performance.
Poppe asserts that if the largest cryptocurrency in the world by market capitalization consolidates and rises beyond $20,000, XRP and other altcoins may also have significant breakouts.
He advised altcoin investors to get ready for an impending rally. Bitcoin may stabilize over $20,000 rather than dropping to the $12,000 to $4,000 area.
“Well, XRP has been breaking out heavily. The thing is, if Bitcoin consolidates and goes back to $20k+, it’s probably time for more of those altcoins to have big breakouts,” Poppe said in a tweet today.
In fact, XRP has seen significant growth over the last week. This comes after applications for summary judgment were formally filed by Ripple and the Securities and Exchange Commission. It became clear that the case, which has slowed XRP’s growth for more than a year, is about to be resolved.
Investors in cryptocurrencies are quickly adopting XRP, driving up the price of the currency as a result of the lawsuit’s developments that point to a possible favorable outcome for Ripple. XRP’s price increased by almost 50% over the past week, going from $0.32 to $0.55.
Additionally, because Ripple released news about the payment provider, the community’s mood is bullish. They are increasing the use cases for their On-Demand Liquidity offering, which is encouraging the market and setting the stage for a significant bull run over the next few weeks.