XRP Analysts Place Bullish Bets for the Weekend: $0.65 Soon?

While analysts are divided on XRP’s price trajectory this weekend, some predict a surge to $0.65 this weekend.

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  • XRP’s price has been poised for a breakout, but a legal battle could cast a shadow.
  • Analyst predictions for XRP have painted a contrasting picture: weekend surge or consolidation?
  • The ongoing SEC lawsuit has been a major hurdle for XRP’s growth, but a final judgment is nearing.

The price of XRP, the native token of Ripple, has become a hot topic in the crypto sphere. While some analysts predict a significant price surge this weekend, others remain cautious due to the coin’s recent struggles and the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).

Weekend Breakout or Consolidation?

XRP has been stuck in neutral lately, unable to break past the key resistance level of $0.55. This sluggishness extends across all timeframes, with the coin experiencing a decline in the past month, week, and even the last day. At the time of writing, XRP is trading at $0.52, up slightly from the previous week.

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Coincodex, a popular crypto prediction platform, stands out with an optimistic forecast. They predict a substantial price increase for XRP, with the coin potentially reaching $0.65 by mid-week. 

This would represent a significant jump of over 25%. However, Coincodex acknowledges the possibility of a different scenario. Their report mentions the potential for consolidation around $0.50 or even a price drop if investors begin selling their holdings for profit.

Many experts believe the ongoing lawsuit between Ripple and the SEC is a major factor behind XRP’s underperformance. The SEC alleges that XRP is a security, which would subject it to stricter regulations. 

Conversely, Ripple argues that XRP is a currency and should not be classified as a security. This legal battle has cast a shadow of uncertainty over the cryptocurrency, leading to investor hesitation.

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There is a glimmer of hope, however. The lawsuit is nearing its conclusion, with a final judgment expected from Judge Analisa Torres this year. A definitive resolution, especially if it favors Ripple, could pave the way for a significant price increase in the future. Some analysts even predict XRP could surge to $1 during the next bull run.

On the Flipside

  • While Coincodex predicts a surge, other prediction platforms might offer a wider range of forecasts, with some potentially even lower than the current price.
  • Even if the lawsuit is settled in Ripple’s favor, broader market conditions and investor sentiment could still impact XRP’s price negatively.

Why This Matters

The future of XRP remains to be seen. Coincodex’s prediction offers a chance for a near-term price jump. However, the recent slump, the ongoing legal battle, and cautious investor sentiment create a complex picture. Only time will tell if XRP can overcome these challenges and reach its full potential.

If you’re interested in XRP’s price movements and future potential, check out this article analyzing different technical indicators that could signal XRP’s next move:
Is XRP’s $0.60 Target in Jeopardy? Here Are Key Signs To Watch

Curious why XRP defied the recent Bitcoin pullback? This article explores the possible reason behind XRP’s recent strength:
XRP Beats Bitcoin in Pullback Thanks to New Partnership News

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.