The cryptocurrency market has experienced significant growth over the last few days, with the price of the flagship cryptocurrency surpassing $30,000 for the first time in 10 months amid the rally. The price of $XRP, it seems, could be due for more upside in the near future.
According to popular cryptocurrency analyst Ali Martinez, the native token of the XRP Ledger could soon see a 47% surge to the $0.80 mark if it can secure a 3-day candlestick close above the $0.54 level.
XRP has had a tumultuous history, with the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), having contributed to a fall in the price and liquidity of the digital currency after various exchanges, including Coinbase, delisted XRP in the wake of the lawsuit.
Ali Martinez’s prediction is based on technical analysis, which looks at historical price movements and trading volume to determine potential future price trends. In the case of XRP, a 3-day candlestick close above $0.54 would represent a bullish signal, as it would mean that the digital asset has broken through a key resistance level.
If this scenario unfolds, the resulting momentum could push XRP’s value even higher, potentially reaching the $0.80 mark. Several factors could help push XRP through the resistance level, including Ripple securing a favorable outcome in the case against XRP, which could lead to renewed investor confidence.
Last month, XRP’s price bucked a bearish trend in the wider cryptocurrency sector as Ripple’s Chief Legal Officer Stuart Alderoty explained that the most recent ruling in the case left him feeling more confident than ever about Ripple’s chances of winning.
As CryptoGlobe reported, the XRP Ledger has recently surpassed the 79 million ledger milestone as its adoption grows. On the network, a ledger represents a digital log of transactions occurring on the network. It includes information about the ledger’s current state, transaction history, and other essential data.
Each XRPL ledger has a unique sequence number and updates every few seconds to display the most recent network transactions. The XRP ledger is powered by its native digital asset, XRP, which serves as a bridge currency for facilitating global payments.
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