XRP Bull Run To Begin Soon, Why Price Can Reach $30
Highlights
- Crypto analyst Tony Edward says that the charts show positive signs for XRP.
- Analyst CrediBULL Crypto predicted that XRP can rise to as high as $30 when its bull run begins.
- An appeal by the US SEC in the Ripple lawsuit could hinder the XRP price rally.
Crypto analyst Tony Edward has indicated that the XRP bull run could begin soon while speaking against criticisms about the coin’s current price action. Meanwhile, analyst CrediBULL Crypto stated that the crypto could rise to as high as $30 when it begins its parabolic rally.
XRP Bull Run To Begin Soon
Tony Edward stated in an X post that haters will hate, but the charts show positive signs for the coin. His statement was in solidarity with an analysis by crypto analyst CrediBULL Crypto, which provided a bullish outlook for the XRP price. CrediBULL Crypto stated that a compression of almost seven years, which had formed on the higher timeframes, will end soon.
The analyst also highlighted the “mother of all bull flags,” which had formed on the XRP chart. He claimed that there is literally no bull pattern like this on any other crypto chart, especially since most of them haven’t existed for seven years, unlike XRP. CrediBULL Crypto indicated that the XRP bull would be legendary “when the old guard wakes up.”
XRP Price To Rise To As High As $30
In a video on the Thinking Crypto YouTube channel, Edward and CrediBULL Crypto also discussed the XRP price. CrediBULL Crypto noted that no coin in the space has consolidated as long as it has. However, that could be a good thing, as he claimed that “the longer the consolidation, the greater the expansion.”
Interestingly, the analyst predicts that the crypto could reach $10 at the minimum and rise to as high as $30 when the XRP bull run begins. He explained that the coin could reach this price level based on his belief that Ethereum (ETH) could rise to as high as $20,000 in this bull run. As such, he expects XRP to witness a similar growth as the second largest crypto by market cap.
CrediBULL Crypto remarked that it makes no sense to bet on the coin breaking down with Bitcoin about to go parabolic and the SEC Ripple lawsuit essentially over.
However, some market experts look to have their doubts about XRP. Grayscale excluded the coin from its Q4 top 20 crypto picks. Instead, the asset manager included coins like SUI, TAO, and CELO, which are currently ranked below in terms of market cap.
The SEC Ripple Lawsuit Could Be The Determining Factor
The SEC Ripple lawsuit could be the determining factor in whether the XRP bull run happens in this market cycle. CrediBULL Crypto highlighted how the coin’s price broke down following the lawsuit, which began in 2020. This partly affected the XRP price as it failed to record a new all-time high (ATH) in the 2021 bull run.
Although the lawsuit looks to be over, the US Securities and Exchange Commission (SEC) still has until October 7 to determine whether to appeal Judge Torres’ ruling on the programmatic sales. CoinGape reported that a former US SEC lawyer has predicted that the Commission will ‘probably’ appeal the ruling. This is based on the belief that the ruling on that issue is not a “good law.”
Therefore, XRP news like the SEC’s appeal would negatively impact the coin’s price. The crypto looks to be awaiting the October 7 deadline, although it is slowly recovering following Bitcoin’s break above $65,000.
The XRP price is currently trading at around $0.618, up in the last 24 hours. The coin has recorded a price gain of 5% in the last seven days.
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