XRP Price Expected to Reach $2.3 High Before Potential Correction

Following a robust comeback in the cryptocurrency market, including XRP, the volatility around Ripple's coin looks to be leveling off.

Cryptocurrency market encountered a robust comeback, and XRP was among the coins that experienced the brunt of the volatility. But, as the dust settles, an analysis by prominent analyst Amonyx suggests that XRP’s price might surge based on the token’s historic moves.

According to the analysis, XRP’s price became further constrained along the trendline between high levels produced during a corrective pattern. The previous pattern suggests that the price has reached the end of the analyst-mapped pattern, establishing new lower highs but no new lower lows.

This analysis suggests that XRP’s price might hit a high of $2.3 before correcting again. The analyst also anticipates a stratospheric climb in the XRP/BTC pair, potentially hitting a new all-time high in its price trajectory.

At press time, XRP trades around $0.5864, down 2.84% in the last 24 hours. Moreover, its daily trading volume dropped by more than 30%, reaching $1.785 billion a day.

As covered by CNF, this comes after investors and supporters celebrated Ripple’s victory over the SEC after the court ruled that XRP was not a security.

Additionally, Judge Torres slashed the fine sought by the SEC from $2 billion to $125 million. The judge also barred Ripple from violating federal securities laws in the future, implying that any such offense would need a court order.

Meanwhile, Whale Alert reported discovering two large XRP transactions to Bitso and Bitstamp wallets from the same source yesterday. There are concerns that these transfers, which total more than $26 million, would lead to the liquidation of XRP as the price has decreased since this major transfer.