The price of Ripple (XRP) has recently triggered a massive outbreak without any news behind it after trading side-by-side for the last four days. The coin behind Ripple has managed to touch the mark of $1.597 and it is targeted for a target price of $2 in the longer term.
Continuous Wins in SEC Lawsuit Drives Ripple (XRP) Upwards
After forming a bull flag on the four-hour chart in the last week, the point from which it has triggered a massive 15% breakout towards the mark of $1.59. The digital asset is targeting a price mark of $2, which will be calculated by measuring the height of the pole and will be adding it to the breakout point.
In addition to this, XRP managed to break out from a reducing triangle pattern on the 12-hour chart which can be drawn by connecting the lower highs with a trend line that connects to a horizontal trend line of several similar lows.
It should also be known that the breakout of this pattern has an alike price target at the mark of $2.02 which is calculated by measuring the distance between the lower trend line to the start of the upper one and adding it to the breakout point.
XRP Whales Going on a Buying Spree
Ali Martinez, an on-chain analyst released a statement on Wednesday revealing the data from Santiment telling him that XRP whales have gone into a purchasing spree.
Moreover, Brad Garlinghouse, the Founder and CEO of Ripple teased a potential public offering for the firm last year and called it a natural evolution for the firm.
In addition to this, he predicted that IPOs would become even more common within the crypto industry, and that has been proven true following the latest listing of Coinbase.
Despite the legal proceedings, Ripple (XRP) has been sustained by the recent price swell for the crypto industry as a whole.