Analyst Mikybull Crypto suggests that XRP could be on the brink of a significant breakout, based on current market trends and historical data.
Technical Analysis: XRP Charts
Analyst Mikybull shared a three-week price chart for XRP showing similarities to events in 2017, when the token hit $3.38. The analyst believes that a similar triangular consolidation may lead to a rise to $14 if XRP repeats its past success.
Legal Aspects of Ripple
This chart formation coincides with Ripple's ongoing legal battle with the SEC. The lawsuit, which has been underway since 2020, is currently in a temporary pause until August 15. Both parties have submitted a revised settlement motion, but the district court has yet to approve it. A favorable outcome for Ripple could serve as a catalyst for the next rally.
Market Activity Surge for XRP
Data from Santiment shows a significant spike in on-chain activity for XRP, with 295,000 daily active addresses, a sevenfold increase from the three-month average. Additionally, whale accumulation has reached a record high, with over 2,700 wallets now holding at least 1 million XRP, indicating rising investor interest.
The analysis of current market trends and historical parallels suggests that XRP may face a breakout in the near future, especially given the legal situation and rising investor activity.
