Ripple (XRP) is at the forefront this week after its recent dominance in the SEC lawsuit. Its price is currently trading above the psychological resistance level of $0.50. 5 crypto analysts argue that the momentum will not be limited in this region.
Egrag for Ripple bull 0.55 pointed to dollars
Egrag, a crypto analyst with a 30,000 price prediction for XRP, led his bulls to $0.55 for the short term. In his latest analysis, he emphasized that XRP is currently following the “Yellow Path” that he had featured in his previous analysis. This route is preparing a bullish outlook for XRP, especially around $0.55.
According to Egrag, this “Yellow Path” is the fastest route for XRP to break above the $0.55 and $0.58 targets. The analyst also emphasizes that the SEC-Ripple lawsuit will provide support for XRP to continue its bullish momentum.
However, to maintain this momentum, XRP needs to close the next 3 days above the $0.55 or $0.58 zones. Data from the chart provided shows that the initial price target is $0.5544.
“XRP will reach $5, surpassing ETH”
Another bullish prediction came from Gold Squad founder Mason Versluis. According to Versluis, XRP could climb to $5 very soon as the only altcoin to surpass ETH.
However, Versluis stressed that the community should not underestimate the potential of XRP. This achievement is a testament to XRP’s capacity to record astronomical gains. XRP is also known for holding periodic solo rallies.
XRP in particular has surpassed Ethereum’s market cap many times in the past. This first happened on May 8, 2017, when XRP reached $8,347 billion and ETH was $8,341 billion. At this time, XRP was the second largest cryptocurrency by market cap. He later achieved this feat twice more in December 2017 and also in September 2018.
Ripple technically enters new phase
Another technical analyst, Morecryptoonline, highlighted that XRP is slipping towards the resistance zone between the $0.4973 and $0.5472 price points. The analyst states that this level represents ideal Fibonacci resistance points for Wave 2 from Fib 0.5 to Fib 0.786.
According to the analyst, if XRP can break out of this resistance zone offered by the Fibonacci dots, it will start moving inside Wave 3.
Is XRP ready for a mega bull rally? Santiment analysts answer
Price spikes aside, the XRP network is also seeing massive spikes in address activity.
Specifically, on May 27, around 490,000 addresses were interacting on the network, the second largest day of address activity in its history. This was followed by another big spike on May 28, just two and a half months after its biggest event ever.
As the Santiment team explained, “A slight +4% divergence emerged between XRP and the altcoin package. If history repeats itself from the activity spike on March 18, there could be more.”
Pro-Ripple lawyer John Deaton shares his XRP price predictions
Speaking on Twitter on May 29, Deaton expressed his surprise at the current market conditions. He also claimed that it is unthinkable for many investors to overlook XRP when its price is only at $0.48.
Deaton elaborated on this sentiment, highlighting the potential consequences of not noticing the current depreciation of XRP: “XRP sits at $0.48. It’s crazy to think how many people who refuse to buy it now will buy it for over $1. What’s even crazier is that Fomo probably won’t kick in as much as $2.”
cryptocoin.com As we reported, Ripple CEO Brad Garlinghouse and another pro-XRP attorney, Jeremy Hogan, recently predicted that the case could be concluded within weeks.
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