Ripple’s ongoing case is undoubtedly at the forefront of the cryptocurrency industry, and its outcome is likely to have an impact on the price of XRP.
However, analysts are taking the opportunity to forecast potential price points based on certain technical patterns, irrespective of the SEC lawsuit’s outcome.
One such analyst is EGRAG CRYPTO, who recently pointed out a bullish candle formation known as the quarterly hammer.
Ripple Price Prediction for 2024
The analyst points out that based on this pattern, XRP needs to close the next three-month candle above $0.55 – $0.58 in the next ten days. This would pave the way for a “mega pump,” but given the current PA, it might be a bit challenging.
That would potentially complete the first Hammer formation and initiate a rally toward the $8 level, starting as soon as July.
But there’s more!
What About XRP’s Price in 6 Months?
Well, the analyst takes the so-called Hammer formation even further, speculating that it would take about six months, but if the second hammer formation is completed, that would push XRP’s price to a whopping $27.
In any case, EGRAG CRYPTO confirms that the next ten days will be defining.
It’s worth noting, however, that XRP is trending within a confined range for the past few weeks and has so far been unable to escape it.
This makes the upcoming movement much more likely to be considerable, but we have yet to see if the bulls will be able to take control. The broader crypto market remains in a rather bearish trend and this might impact Ripple as well.
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