- The SEC’s case against Ripple plays a pivotal role in XRP’s valuation.
- Expert predictions hint at possible bullish trajectory with price targets of up to $7.
The SEC and Ripple Drama Influences XRP’s Market Performance
Ripple’s native cryptocurrency, XRP, has faced its fair share of volatility, largely impacted by the ongoing legal skirmish with the United States Securities and Exchange Commission (SEC). A recent ruling in Ripple’s favor, which clarified that secondary sales of XRP do not equate to investment contracts, resulted in the price soaring to nearly $1 – effectively doubling its value in a short span.
Such events have ignited a series of optimistic XRP price projections. One of the most recent forecasts comes from EGRAG CRYPTO, suggesting a potential climb to the $7 mark. The Monthly time frame chart, according to the expert, gives pertinent hints. However, it’s the “rock-solid candle bodies” that truly emphasize the market structure.
The expert’s insights reveal some intriguing potential moves for XRP. While a short-term dip to between $0.40 and $0.33 could be a transient phase, the subsequent resistances are believed to be at $0.80 and $1.3. Beyond that, the targets of $2.8, $5.5, and possibly up to $6-7 are being eyed, representing an optimistic outlook for XRP’s future.
TradingShot’s Technical Analysis: Short and Long-term Forecasts
Another perspective comes from the seasoned crypto analyst, TradingShot. In a detailed analysis, the recent uptrend following the favorable court ruling saw XRP’s value surge past the $0.90 mark. However, the jubilation was ephemeral, with the price undergoing a double phase decline, eventually dropping below some pivotal support levels.
TradingShot’s analysis hinges on crucial moving averages, which currently serve as the support zone for XRP. Based on the technical indicators, the medium-term forecast for October is pegged at $0.56750, exuding confidence in the coin’s upward momentum.
Further, the 1-day Relative Strength Index (RSI) has been observed to form higher lows, indicative of a possible bottoming pattern. Drawing parallels from past market behaviors, TradingShot postulates a bullish trajectory for XRP, extending the optimism with a long-term price projection of $0.9300 for January 2024.
Recommended for you• Robinhood Goes Global: Launches Crypto Trading in Europe with Cardano, Polygon and Solana• Bitcoin Hits Yearly High: Is a Major Correction on the Horizon?• Revolutionary Revelation: European Central Banks Embrace Bitcoin and Ripple (XRP) as Secure Assets
As XRP continues its dance with market dynamics and legal battles, its current price hovers around $0.50, with the past week reflecting a stable trend. The ongoing SEC case undeniably remains a crucial influencer, with the cryptocurrency community eagerly anticipating the case’s next developments, including the SEC’s intent to appeal and the upcoming trial for XRP executives next year.