Several analysts predict that Ripple (XRP) will experience a major price pump amid a recent surge in value. Although the cryptocurrency has undergone a slight correction in the past 24 hours, it is still experiencing a noticeable upward trajectory in contrast to its position in April.
According to researchers, XRP has risen almost 6% in the past seven days CoinMarketCap. Furthermore, the asset has briefly touched the $0.57 level all week so far. Now all eyes are on whether or not a sustained rally is in the works. Subsequently, many investors foresee a bull run in XRP's future.
Also read: SEC Challenges Ripple (XRP) Defenses in Final Response
Ripple could pump as the XRP rally forms
Throughout the first months of the year, Ripple has performed below many expectations. That appears to be changing, however, despite the asset's recent well-maintained stay at the $0.52 level. Many analysts predict that Ripple will pump, with XRP set for a potential rally.
CoinChartist Analyst Tony Severino recently discussed the property. Specifically, he observed a 'bullseye bottom signal' on the monthly chart of XRP/BTC. This indicator is undoubtedly bullish and reinforces Severino's perspective on the asset, noting that it is currently in a “great place.”
Also cryptocurrency analyst Mikybull Crypto went to X (formerly Twitter) to discuss XRP. There they stated that the asset “looks super bullish” in their assessment. Furthermore, they note that it is “currently preparing for an explosive move.”
Also read: Ripple (XRP) Could Skyrocket as Pivotal SEC Trial Date Approaches
Other analysts, such as Captain Faibik, have noted that assets are “poised to bounce back” from the year-to-date decline. Specifically, they have forecast a medium-term target of $2.50 for the asset. This would certainly be the best-case scenario, with many investors eagerly awaiting the move towards the $1 mark.
However, that perspective is not completely unfounded, as many investors believe that a rally towards the $2 mark cannot be ruled out. Among them is Jonathan Carter, a market technician who has forecast a medium-term price target of $1.68.
Conversely, any upside move will face continued uncertainty over Ripple's legal conflict with the U.S. Securities and Exchange Commission (SEC). Ultimately, a conclusion of that lawsuit should have a hugely positive effect on the price development of the asset.