Ripple (XRP/USD) price is playing out exactly as described in our last week’s XRP price prediction. Since then, the price is already up by more than 20%. This has made Ripple XRP one of the best-performing cryptocurrencies of the week.
On Monday, XRP kept its momentum and turned green once again. Till press time, the coin is trading at $0.46, which is 3.84% above its today’s opening. The positive price action comes on a day when most altcoins are red. Bitcoin and Ethereum are also trading sideways after showing minor losses for the day.
XRP Price Pumps As SEC Judgement Nears
For the past few years, Ripple price has underperformed due to Ripple vs SEC court proceedings. As the case is finally about to reach its climax, many analysts are calling the current XRP pump speculation on the upcoming court ruling. Although it is still not clear that the judgment would be in whose favor, many traders are betting on Ripple to win.
Based on the recent Ripple news about the court proceedings, most analysts believe that the XRP price can increase a lot after the judgment. Therefore, the ongoing pump can be due to the people buying in anticipation of this ruling.
Ripple Price Breaks Out Of The Triangle Pattern
In our last XRP price analysis, the price was attempting a breakout from the symmetrical triangle. This breakout occurred just a few days later as the price soared to $0.49 from $0.38 within a single day. This also resulted in a reclaim of the 200 moving average on the daily chart.
Our technical analysis suggests that a Ripple price prediction of $0.69 can be achieved soon if the Bitcoin price remains stable. This price level comes due to the confluence of the 0.618 Fib level and the conservative target of the recent breakout. It is also worth mentioning that the price can reverse immediately if the court judgment happens to be against Ripple.
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