The value of XRP continues to consolidate above the $0.60 mark, with investors awaiting for the token to initiate any substantial rally towards the coveted $1 milestone.
Regarding what to expect from XRP, crypto analyst Egrag Crypto, in a series of posts on X (formerly Twitter) on March 24, observed that the token is likely on the cusp of a bull run that could potentially propel it to claim $1.
According to the analyst, XRP is entering the final phase before what he termed the “Official Bull Run Announcement.” He noted that the cryptocurrency is mirroring patterns observed during the 2017 cycle, a period marked by significant price surges across the crypto market.
XRP price analysis chart. Source: TradingView/Egrag Crypto
“The Official Bull Run Announcement is in progress! #XRP is currently mirroring its 2017 cycle, entering the final phase before the official Bull Run Announcement,” he said.
XRP’s path to $1
Furthermore, the analyst pointed out the 10th ‘W’ technical pattern which he notes is well-aligning with the current market setup. This pattern often precedes significant price movements, adding credence to the belief that XRP may be on the brink of a substantial rally.
In terms of target prices, the analysis provided two potential scenarios for XRP’s trajectory. He suggested that based on the pattern, XRP could target a non-logarithmic projection of $1 and a logarithmic projection of $1.2.
XRP price analysis chart. Source: TradingView/Egrag Crypto
Impact of the SEC case
It’s worth noting that the achievement of the $1 milestone by XRP would present a favorable opportunity for token investors, particularly considering its prolonged consolidation below this threshold despite the legal clarity attained in the Ripple and Securities Exchange Commission (SEC) case. In the case, Ripple received partial relief after the court declared that XRP was not a security.
Meanwhile, XRP investors are awaiting the resolution of the case, as it will likely have a significant impact on the asset. In the latest development, the SEC filed its remedies-related opening brief, with the proceedings notably remaining sealed from public view.
Market interest is in the SEC’s arguments for imposing punitive penalties for violations of Section 5 of the 1933 Securities Act.
The SEC could pursue punitive penalties if it can demonstrate that Ripple continued to violate the Securities Act after the initial complaint.
By press time, XRP was trading at $$0.62 with daily gains of about 1% while over the past seven days, the token is up almost 3%.
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