As XRP holders await the verdict of the SEC vs. Ripple lawsuit, the XRP price is recovering from its June decline and has been identified by a crypto analyst to have a bullish pattern that could potentially result in a significant price rally, with a bullish target of $9 if the price follows historical trends.
Following the SEC’s lawsuit against Ripple in 2020, the price of XRP experienced a significant decrease, and it faced additional challenges after the regulatory crackdown on cryptocurrencies in June 2023. In response to the SEC’s actions, the price of XRP dropped by 10.42% within a week. However, there has been some recovery, and the price of XRP has now reached the level of $0.4876.
The XRP price chart has been analyzed by a pseudonymous crypto analyst named CoinsKid, who identified an indicator that is usually followed by a price rally in the asset. By observing the monthly price chart, CoinsKid found that a crossover between a 10 and 20 Exponential Moving Average (EMA) often precedes a price rally in the altcoin.
The analyst noted that a golden cross occurred in 2017, marking the start of a significant price rally in XRP, resulting in a 720% increase in the price. CoinsKid has set a bullish target of $9 for XRP if another golden cross happens, as the altcoin is currently approaching one. The analyst expects a golden cross to trigger a huge rally in XRP, bringing it to its next all-time high.
