The price of Bitcoin (BTC), which is currently at $58,300, is rising daily, and XRP, which is supported by Ripple Labs, has been trying to break out of a macro bearish trend. Since the end of the 2017 bull advance, the cryptocurrency focused on cross-border payments has been trading in a triangle logarithmic consolidation.
The price of XRP is in a good position to rise exponentially to a new ATH during this cycle because it hasn’t crossed its 2018 all-time high (ATH) during the 2021 cryptocurrency bull surge.
Why Invest in XRP for Its Certain Bullish Breakout
One of the first web3-focused businesses, Ripple Labs is focusing on XRP to integrate digital assets and traditional finance. Even after facing significant legal challenges as a result of the SEC’s lawsuit against Ripple, XRP continues to rank among the top ten most valuable digital assets.
Over the last few years, Ripple has strategically acquired a number of web3 businesses, such as Metaco and Standard Custody, with the goal of enhancing XRP liquidity, mainly through On-Demand Liquidity (ODL).
Mid-term Goals for XRP
The price of XRP has been accumulating in the peak of a macro triangle pattern that may soon trigger a bullish breakout amid the current bullish breakout in the cryptocurrency market. A well-known cryptocurrency analyst on the X platform going by the handle Captain Faibik claims that the price of XRP is about to rise parabolic in the near future, approaching $2.
Additionally, the weekly price of XRP relative to the US dollar has recovered the 50 level on the Relative Strength Index (RSI). Therefore, in the upcoming months, a weekly closing over 55 cents on a regular basis will ensure a rally towards the ATH.