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Crypto analyst Ali Martinez, known on social media platform X as @ali_charts, has shared an XRP chart from Binance.
Analysts share bullish XRP price predictions
Martinez indicated that XRP now seems to be trying to break out of a descending parallel channel. This maneuver may lead to XRP price staging an increase to the $0.65-$0.66 price level – that is approximately 8.3% higher than the coin is trading now – at $0.61415.
#Ripple | $XRP appears to be breaking out from a descending parallel channel, which may result in an upswing to $0.65 - $0.66 for #XRP. pic.twitter.com/gvfeEMKIDX
— Ali (@ali_charts) November 23, 2023
Anonymous strategist and analyst "DarkDefender" has also issued an X post to his 99,000 followers about XRP. He believes that the correction in which the Ripple-affiliated token has been recently is over by now, and the coin is eyeing the $0.6649 price level.
Now, the analyst reckons that XRP's near-term target is $1.05, and he believes that the Ripple-connected coin will reach $0.67 "by tomorrow at the latest." Then, according to his tweet, there might be a small setback, after which XRP will be on its way to first hitting $0.8888 and then surging to the glorious $1.0507 price mark.
XRP is likely to hit $0.88 between Nov. 30 and Dec. 1, the analyst assumes.
XRP market performance
Between Nov. 13 and Nov. 21, XRP lost a massive 22.63% of its price. It started with a 12% fall after BlackRock boss Larry Fink dismissed the scam rumor that his fund management company had filed for an XRP ETF with the SEC regulatory agency.
From Tuesday this week, XRP has demonstrated a rise of more than 7.4%, reaching the $0.62218 level. It was followed by a tiny correction of 1.5% so far.
The 7.4% price increase can be attributed to the secret meeting announced by the SEC. Taking into account the recent victory of Ripple over the SEC in court, when XRP secondary market sales were officially admitted to be nonsecurity ones, the Ripple community is likely to be expecting the strategy the regulator intends to come up with as its next move and whether this will bring the day of Ripple's total victory in court closer.
Earlier this year, the SEC also dismissed the personal lawsuits it had previously launched against Ripple chief Brad Garlinghouse and the company's cofounder, Chris Larsen.
That makes Ripple's score of big wins in court rise to two against the SEC.