Stumbling Block Cleared for Ripple, Will XRP Price Form a New ATH in 2023?

The post Stumbling Block Cleared for Ripple, Will XRP Price Form a New ATH in 2023? appeared first on Coinpedia Fintech News

In an iconic development in the Ripple vs SEC case, Ripple turned out to be victorious against the SEC, which charged the company with selling XRP illegally over the years. However, after more than 30 months of acquisitions and arguments, the Judge finally produced the summary judgment in favor of the company, which offered the required bullish push for the token to explode. 

The XRP price reacted as expected and recorded a more than 90% jump to reach levels close to a dollar, but failed to mark the milestone. However, the price continues to remain extremely bullish, which flashes the possibility of forming a new ATH that it was deprived of during the past bull run in 2021. Therefore, now that the major blockade for triggering a bull run has been broken, the possibility of surging to new highs emerges. 

The XRP price recorded one of the strongest weeks for the first time since the 2021 bull run, which is not less than the start of the next bull run. The 50-D weekly SMA is acting as strong support levels as the price forms a new channel up, which guides it directly to the top of the multi-year triangle pattern that XRP has been trading in since the 2018 all-time high. This resembles the channel up/accumulation phase of 2020, which led to the April 2021 high. 

The triangle, however, resembles the pattern of 2013 – 2016, which had parabolic break-outs of those two former channels for projection purposes. The XRP price has been left behind the entire crypto market since the 2020 lawsuit, which may very well deliver a proportionally stronger rally as new liquidity gets injected into the market during the upcoming cycle. 

As a result, one can expect XRP’s price to reach close to $2 between December 2023 and January 2024. Once the upswing settles above these levels without major interference of bears, then one can expect a healthy upswing thorugh out the year to mark a new ATH close to $5 before the end of the year 2024.