Ripple (XRP) Price Might Explode Above $6 This Year: Analyst

TL;DR

• Ripple’s XRP is holding steady at $0.50 despite a broader market upturn. Analysts foresee a potential bull run, with resistance at $0.49 seen as crucial.
• Future Projections: XRP’s price movement may depend on Bitcoin’s performance, with predictions suggesting it could rise significantly if market conditions are favorable.

XRP’s Next Possible Move

The cryptocurrency market experienced a resurgence today (May 13), with numerous digital assets entering green territory. For instance, Bitcoin (BTC) briefly exceeded the $63,000 level, whereas Ethereum (ETH) neared the $3K mark. Ripple’s XRP lagged behind the leaders, registering little-to-no volatility and maintaining its $0.50 level.

Numerous analysts, though, believe the asset is yet to witness a rapid price revival. One example is the X user EGRAG CRYPTO, who praised XRP’s recent consolidation and suggested it will soon be replaced by a bull run:

“XRP is holding strong LIKE A BOSS. The Launching Channel features partial wicking candles, with the top end showing an ascending consolidation, indicating Bullish strength.”

The analyst  predicted  that the token remains poised to skyrocket to $6.40 in the following months as long as it keeps trading above the $0.49 resistance level. 

CrediBULL Crypto chipped in, too,  arguing  that XRP’s potential price ascent in the future partially depends on Bitcoin. In their view, a BTC spike towards $69-70K could be one factor fueling a rally for Ripple’s native token:

“If BTC bounces soon as expected, let’s see how strong the reaction on XRP is. If it’s strong enough to get us back above .64, then that is a very good sign.”

Some Previous Forecasts

Other analysts who envisioned an XRP rally in the near future are David Watt and Crypto Tony. The former assumed  the asset’s price could climb to $0.56 in the next few days.

Crypto Tony was even more bullish, predicting a bull run once XRP reclaims the major support zone of $0.67. Recall that the last time it reached that level was in mid-March.

Many industry participants believe the ongoing  lawsuit between Ripple and the US SEC  is the main obstacle standing in the way of an XRP rally. Those curious to learn the specifics of the case and its possible impact on the token’s value, please take a look at our dedicated video below: