We’ve seen Ripple’s native cryptocurrency, XRP, on the news more than any other digital currency in the cryptocurrency market for the past few months. The reason for this is the ongoing legal battle between the parent company and the independent US Securities and Exchange Commission (SEC). This struggle began and is still ongoing in the last month of 2020 and there is no sign of an end to this lawsuit as of yet.
When the US SEC filed a lawsuit against Ripple and its executives, the price of the company’s native cryptocurrency fell dramatically, falling from $ 0.7 to the price level of $ 0.2. However, every development in the case that favored Ripple also contributed to the price of the coin rising as well.
If we look at the current price history of XRP, the digital currency ranks 7th at around $ 0.83 with a negative rate of change of -4.68 percent in the last 24 hours at the time of this writing. It is about to break the $ 1 mark to approach its June high, which is around $ 1.07. To retest its June high, the coin needs to break the $ 0.90 resistance level and turn it into its support level.
There is a possibility that in the long-term the coin can bring its price value into the three-digit range, but for the coin to do this it has to be closed in bullish momentum, which should be held over a longer period of time.
While talking about the future outlook for the value of XRP, the famous cryptocurrency analyst named CryptoSerpent stated in a video:
“We are heading for this bullish, wild momentum for XRP and it will be legendary. “
In addition, the analyst said that the last time the price of XRP rose high was in 2017-2018, and it happened right after the cryptocurrency price fell. The Analyst is again a similar move from XRP:
“We have had a massive decline in the present and are now trading sideways. We can now expect 3 tough moves. “
Of the three big moves, the first, as the analyst expects, will occur when XRP enters the $ 0.9-2.6 price range. While talking about XRP’s next two big steps, the crypto analyst said:
“We’ll go one more time for the big move that will put us in the tens. $ 10- $ 11 and maybe even $ 15 for a bit of a touch. We will go sideways, then one final boost will bring the price of the crypto into the $ 123 area. “
In the end, the analyst said that none of this will happen in a short time. It will take time as many things are likely to get right before all of this happens. He claimed:
“It definitely won’t happen overnight. Many things have to be right for this to happen, but it is coming. It’s just a matter of when, not if.”