- XRP stays strong after NYDFS delisting and holds above $0.50 support, defying expectations.
- Analysts set a bullish target of $1.31 for XRP based on resilience and a favorable SEC outlook.
In a significant move by the New York Department of Financial Services (NYDFS), Ripple’s XRP recently saw its name removed from the exclusive “green list” of approved cryptocurrencies. This decision sent shockwaves through the cryptocurrency community, but XRP stood firm, maintaining its value above the $0.50 threshold. Unfazed by the NYDFS’s actions, analysts are now setting their sights on a substantial $1.31 price target for XRP in the near future.
A Regulatory Shift and XRP’s Unwavering Stance
The NYDFS chose to eliminate XRP from its coveted green list on a recent Monday, and many expected this development to impact XRP’s price severely. This elite list features only a handful of cryptocurrencies like Bitcoin and Ethereum. This reflects the NYDFS’s evolving position on cryptocurrency assets and the companies behind them. The regulatory body has issued new guidelines to boost transparency and standardize token listing and delisting procedures within the cryptocurrency industry.
Despite these significant regulatory shifts, XRP’s price has displayed impressive stability, consistently holding above the crucial $0.50 mark. This outcome contradicts the expectations of some market participants, who believed that the NYDFS’s move would have a more substantial impact. Nevertheless, analysts have remained confident about XRP’s future despite these regulatory challenges.
Analysts Set Bullish Targets
A prominent crypto analyst known as Coins_Kid has boldly proposed a target of $1.31 for XRP in the coming months. This target depends on XRP’s ability to maintain a price above the critical $0.4227 level. While the analyst’s prediction has garnered attention in the investor community, it’s essential to remember that cryptocurrency markets are influenced by various factors, and market dynamics can change rapidly.
Another well-regarded crypto analyst, CryptoKaleo, has expressed optimism about XRP’s recovery, particularly in its USD pair. XRP has found solid support levels following its decline to pre-July levels. Additionally, the BTC pair of XRP shows promising signs of a High Tight Flag (HTF) breakout, adding to the positive sentiment surrounding the cryptocurrency.
Kaleo’s thesis centers on the SEC’s track record in 2023, which suggests that the appeal related to XRP may ultimately be rejected, potentially paving the way for a comprehensive price recovery.
Additionally, Cryptoinsightuk, another renowned Crypto analyst, pointed out that XRP has yet to make a significant breakthrough and is still in the process of establishing a bottom, initially identified by this expert back in August. The cryptocurrency has managed to maintain its position above the $0.47 mark. Notably, the relative strength index (RSI) has demonstrated a higher low in its last two instances of becoming oversold.
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According to the analyst, this RSI pattern suggests a potential shift in momentum to the upside. They also noted that XRP is challenging daily moving averages (MA). It’s worth mentioning that the region previously labeled as “Support” has unfortunately transformed into resistance following a significant market sell-off on August 17th.
Additionally, the expert highlighted that the areas labeled as “Gaps” might serve as profit-taking points or potential resistance levels for short-term traders. Breaking through the “Support” zone is crucial to reaching the “Resistance” area.