XRP Set to Break US$2 Barrier in July, Analysts Say

XRP Price Forecast: Technical and Fundamental Factors Could Push XRP Above US$2 in July

XRP, the native cryptocurrency of the Ripple network, has been on a bullish trend since the start of the year, gaining over 300% in value. The coin, which is currently trading at around US$0.6, could reach US$2 by July, according to some analysts who cite technical and fundamental factors.

One of the technical indicators that supports this bullish scenario is the breakout of a symmetrical triangle pattern on the daily chart, which signals a continuation of the previous uptrend. The triangle's height suggests a target of around US$1.8, which is close to the psychological resistance of US$2.

Another technical factor that favors the bulls is the golden cross, which occurs when the 50-day moving average crosses above the 200-day moving average, indicating a long-term shift in momentum. This bullish crossover happened for XRP in late April, and historically, it has been followed by significant price rallies.

On the fundamental side, XRP has been benefiting from the positive developments in the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC), which accuses the company of selling unregistered securities. The case, which started in December 2020, has seen several victories for Ripple, such as the court granting access to the SEC's internal documents on cryptocurrencies and denying the SEC's request to access Ripple's executives' personal financial records.

Moreover, XRP has been gaining traction in the payments space, as more platforms and institutions adopt Ripple's technology and services. For example, in May, Novatti, an Australian fintech company, announced that it had integrated RippleNet, Ripple's global payments network, to enable faster and cheaper cross-border transactions. Additionally, Ripple has been expanding its presence in Asia, especially in Japan, where it has partnered with SBI Holdings, a financial conglomerate, to launch the country's first on-demand liquidity service using XRP.

All these factors point to a bright future for XRP, which could see its price soar to new heights in the coming months. However, investors should also be aware of the risks and uncertainties that surround the crypto market, such as regulatory hurdles, security breaches, and market volatility. Therefore, it is advisable to do thorough research and exercise caution before investing in any cryptocurrency.