The XRP market is experiencing a resurgence of bullish sentiment due to recent technical analyses and legal news.
Technical Analysis and Bullish Sentiment
Popular analyst Egrag Crypto highlighted price levels in a tweet, linked to what he describes as the 'White Circle' — a historical breakout signal. Despite modest gains of 0.6% over the past 24 hours, XRP shows resilience, rebounding multiple times from the $2.16 level.
Legal Clarity and ETF
Regulatory clarity for XRP continues to improve. A joint request by Ripple and the SEC aims to lift institutional sales restrictions by August 15, which could open the floodgates for renewed institutional investments. The probability of U.S. approval for a spot XRP ETF is pegged at 90%, further boosting investor optimism.
Speculation and Price Targets
Analyst Egrag challenges his followers to justify price targets of $11.50, $27, and $42 using technical logic. While some consider these predictions bold, his community is already drawing parallels to past market cycles when XRP experienced explosive growth.
The future of XRP remains uncertain, but current factors are creating the conditions for a possible significant market movement.
