Ripple cryptocurrency is predicted to grow significantly in the near future

Cryptocurrency experts note that in August, the XRP rate showed good dynamics. Analysts believe that this became possible after the decision of Judge Analisa Torres in Ripple v. SEC, who stated that secondary sales of a virtual asset on exchanges are not securities. However, it is worth noting that the US Securities and Exchange Commission has announced plans to appeal the court’s decision on XRP in the case against Ripple

The initial growth of the altcoin declined in a few days, but XRP continues to hold on to most of its gains. Given the cryptocurrency’s growth trend during this time, crypto analysts assure that the digital asset is ready for a large-scale rally.

The analysts explain that the 2017 chart shows a trend that ended with an increase in the XRP price by more than 1000%. At that time, the digital asset reached its new all-time high. The 2023 chart shows a similar behavior of XRP and it seems that altcoin is repeating the same trend.

«The last time we saw this on the monthly timeframe was in 2017. It was the biggest Bull Run in the history of $XRP,» explains Cryptoinsightuk. «If history repeats itself, the cryptocurrency price will be ready for a large-scale rally.»

Another crypto analyst who expects large-scale growth for XRP is DefenderDark. The expert predicts that the price of the coin could rise to $ 3.

However, the forecast is not without obstacles. DefenderDark is convinced that the price of the altcoin is likely to return to $ 0.58 before a crazy rally. This will mean a drop of about 6% and the bulls' loss of control over the support at $ 0.6.

As of the morning of August 16, XRP is trading at $ 0.6 with a market capitalization of $ 31.8 billion. Traders made daily trading deals worth $ 1.45 billion.