XRP Captain, a respected cryptocurrency analyst and influencer, is predicting a significant rally for Ripple’s XRP in the near future, despite recent lackluster performance. The optimism stems from a favorable ruling in July, where a U.S. judge sided with Ripple in their lawsuit against the Securities & Exchange Commission (SEC).
Although the price of XRP has yet to reflect this legal victory, XRP Captain believes that the altcoin could reach a value of $130 by the end of 2024. Citing a symmetrical triangle pattern on the chart, the analyst points out that XRP broke out of a similar pattern in 2017, during its all-time high price.
Currently trading just below its 20-day moving average at approximately $0.51, XRP has the potential to signal a bullish trend if it breaks above this key level. XRP Captain highlights that reclaiming the 20-day and 50-day moving averages in 2017 coincided with a strong performance for the cryptocurrency.
Additionally, the recent announcement of SBI Remit’s plans to expand in Southeast Asia in collaboration with Ripple adds to the positive momentum for XRP. These factors combined contribute to XRP Captain’s optimistic outlook for the altcoin’s future performance.
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