After more than five years of macro triangular consolidation, Ripple Labs-backed XRP is on the cusp of a historical breakout. With Bitcoin (BTC) having confirmed an early bull run, the XRP price is preparing to retest its all-time high in the coming months. Furthermore, the altcoin has formed a cup with a handle base pattern often preceded by a huge move.
Why Bet on XRP Price?
Backed by Ripple Labs and its suite of payment products, the XRP price has enjoyed significant growth and improved liquidity. Recently, the Ripple community implemented the highly anticipated Automated Market Maker (AMM) to enhance XRP’s liquidity further.
With On-Demand Liquidity (ODL) gaining popularity by the day, XRP’s trading volume has increased gradually.
XRP has managed to remain in the top ten most valuable digital assets due to the high prospects of Ripple winning the ongoing lawsuit against the U.S. SEC.
With the US SEC having filed its Motion for Remedies and Entry of Final Judgment, the Ripple executives led by CEO Brad Garlinghouse believe the agency plans to ask for $2 billion in settlement.
Bull Market Target
According to a popular crypto analyst, Tony “The Bull” Severino, CMT, XRP price is on the cusp of a major upside movement. The crypto analyst highlighted that if history repeats itself, which is most likely to happen, XRP price will reach $12.4 in this bull cycle.
The crypto analyst supported the XRP bullish argument with the RSI-based MA on the edge of a macro triangle consolidation.
