XRP Price Sees an Uptick, Impending Rally Awaits for the Cryptocurrency Market
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While most cryptocurrencies will experience outflows during this market disruption, XRP is on pace to clear all short-term barriers and reach the $0.6 level.
As the long legal dispute between Ripple Labs and the Security and Exchange Commission (SEC) will soon end, investors are encouraged to buy XRP at a long-term discount. Trading platform Eight CEO and trading guru Michaal van de Poppe believes that cryptocurrency assets may still rise based on Bitcoin's performance.
Poppe claims that if the world's largest cryptocurrency by market capitalization consolidates and rises above $20,000, XRP and other altcoins could also have significant breakthroughs.
He advised altcoin investors to prepare for the impending rally. Bitcoin may consolidate above $20,000 instead of falling to the $12,000-$4,000 range.
"Well, XRP has had a big breakout. The thing is, if Bitcoin consolidates and goes back above $20,000, it's probably time for more altcoins to make big breakouts," Poppe said on Twitter today.
In fact, XRP has grown significantly over the past week. This comes after Ripple and the Securities and Exchange Commission formally filed motions for summary judgment. It became clear that the case that slowed the growth of XRP for more than a year is coming to a solution.
Cryptocurrency investors are quickly adopting XRP, boosting the currency's price following developments in the lawsuit that point to a possible favorable outcome for Ripple. The price of XRP rose almost 50% in the last week, rising from $0.32 to $0.55.
Also, since Ripple released news about the payment service provider, the mood in the community is bullish. They are increasing the use cases for their On-Demand Liquidity offering, encouraging the market and setting the stage for a significant bull run in the coming weeks.
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