According to CryptoPotato, the ongoing lawsuit against Ripple is a major topic in the cryptocurrency industry and has potential implications for the price of XRP. Regardless of the outcome of the trial, analysts will use this opportunity to make potential price predictions based on certain technical patterns. One analyst, EGRAG CRYPTO, identified a candlestick pattern called a seasonal hammer.
Based on this pattern, analysts suggest that XRP should close the next three-month candle above $0.55 to $0.58 within the next 10 days. This could set the stage for a significant price increase, although current price trends suggest this may be difficult. If successful, the initial hammer formation would be completed and a rally to $8 could begin, possibly as early as July.
EGRAG CRYPTO also predicts the price of XRP in six months, suggesting that if the second Hammer formation is completed, it could push the price of XRP to an attractive $27. However, analysts emphasized that the next ten days will be decisive for the outcome.
It is important to note that XRP has been trading in low ranges for the past few weeks and has yet to break. This suggests that there could be more moves in the future, but it remains to be seen if the bulls will take control. The general cryptocurrency market is currently down, which may affect the price of Ripple.
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