XRP Analysis: Historical Trend Signals Potential 30% Upside Amid Key Legal Developments

• XRP is expected to stage a 30% surge in April as its price chart shows the formation of bullish-related patterns. 

• Ripple’s Brad Garlinghouse “blasts” the SEC for abusing its power and operating outside the law in its recent request for a $2 billion fine and penalties. 

XRP’s reaction to major events has been steady but gradual as investors await with bated breath for bulls to drag it to new heights. Over the past 24 hours, the broad market has shown signs of price recovery with XRP following the trend with a 2.4% growth to trade at $0.64. Interestingly, its 24-hour trading volume has seen an upsurge of 65%. 

According to analysts, XRP could have its first major surge this year with a 30% upsurge in April. Intriguingly, historical data support this prediction as CryptoRank data anticipates an average monthly return of 31%. XRP has over the past few years done predominantly well in April, especially in the years 2019, 2020, and 2021. In 2021 alone, the market recorded an explosive jump of 174.1%. However, April 2022 and April 2023 saw an expected decline. 

To some analysts, the asset’s return to $1 is long overdue as formerly reported by CNF. Interestingly, renowned trader EGRAG Crypto also agrees with this as he discloses the formation of the “W” pattern in XRP’s price chart. Per his observation, the asset could record more than a $50% surge to hit $1.2 in the coming weeks. 

#XRP Wave 10 ( $1 – $1.2): The 10th “W” Pattern is exceptionally well-aligned with the current market setup, signaling a potentially significant move. Target Prices Remain Consistent: (1) Non-Logarithmic: $1. (2) Logarithmic: $1.2 #XRPArmy STAY STEADY and Appreciate the enlightenment that positions you as early adopters in this space.

Bullish Potential of XRP Confirmed Amid SEC’s Request for $2 Billion 

Another analyst has also noticed a rare bullish cross that supersedes the golden cross of the 200 and 50 EMA. With a focus on the current price, the analyst believes that the 100 EMA crossing over the 50 EMA provides a sure indication of bullish momentum, setting XRP up for more steady growth. One interesting finding is that its crucial resistance level is fixed at $0.64. This implies that the possibility of hitting unimaginable heights depends on its ability to sustain above this level. For now, the next price target is $0.7. 

In the midst of all these, Ripple is still fighting back in its legal showdown against the US Securities and Exchange Commission (SEC). As disclosed by the Chief Legal Officer (CLO) at Ripple Stuart Alderoty and reported by Crypto News Flash, SEC has requested the judge to impose a $2 billion fine and penalties. According to Alderoty, this is mere intimidation and an operation outside the circumference of the law.

In his statement shared on X, Ripple’s CLO pledged that they would not back down as they prepare a response next month. He also accused the Commission of trading in statements that were false or misleading. Ripple CEO Brad Garlinghouse also called SEC Chair Gary Gensler out for leading the Agency to consistently abuse its power with no respect for the law. 

Gensler’s SEC has repeatedly acted outside the law – not going unnoticed by Judges admonishing the agency for a “gross abuse of the power entrusted to it by Congress” (DEBT Box case) and for acting without “faithful allegiance to the law” (Ripple case). Let’s not also forget Gensler’s lack of attention to SBFraud.