- The recent XRP price recovery above 50 cents has sparked different reactions from various analysts, with some calling for price continuation and others for a correction toward the support zone between 39 cents and 46 cents.
- The XRP price action could be waiting for the ruling on the SEC’s motion to have the summary judgment reviewed.
Ripple-backed XRP has in the past five weeks tried to break above the crucial resistance level of around 53 cents to no avail. Increased institutional demand has, however, helped the cross-border focused digital asset rebound above the 50 Moving Average on the weekly time frame. Nonetheless, the weekly death cross, between the 50 and the 200 MAs, has significantly weighed down on short-term holders as the overall trading volume remains relatively low.
According to the latest crypto market data, XRP price traded around $0.51 on Friday during the mid-morning New York session. Notably, XRP’s daily average traded volume was down approximately 32 percent in the past 24 hours to hover about $717 million. Since the re-listing of XRP on US-based crypto exchanges and the acquisition of blockchain-related firms by Ripple, the overall trading volume has significantly stabilized.
Crypto Analysts Take on XRP Price Action
According to a respected digital asset analyst on the X platform, Egrag Crypto, XRP price has strong fundamentals on the higher time frames despite the recent price correction. With a mid-term price target of about $1.4, Egrag Crypto cautioned traders to monitor the daily closes in the coming weeks. Essentially, the analyst expects XRP price to rally parabolically after it clears the hurdles between 51 cents and 57 cents.
#XRP Color Code To $1.4:
If #XRP triumphantly closes above the Fib 0.5 level at 0.57C with undeniable confirmation, we're setting our sights on the $1.4!. This meteoric rise is just around the corner. 🌟
But remember, there's more to this story! Dive into the color-coded clues… pic.twitter.com/DC0ss6Ip27
— EGRAG CRYPTO (@egragcrypto) September 21, 2023
The crypto analyst expects XRP price to continue enjoying a bullish outlook amid regulatory approvals in various jurisdictions. Moreover, the analyst noted that the average sentiment oscillator is on the verge of an imminent bullish golden cross, that often yields high returns as observed from the historical XRP performance.
Meanwhile, another popular crypto analyst on the X platform, Dark Defender, recently argued that XRP faces short-term weakness that could see the instrument drop toward the support zone between 39 cents and 46 cents. In the long haul, Dark Defender, has an XRP price target of about $1.237, after lowering from $1.33. Notably, the analyst argued that the XRP price on the weekly time frame has been closely following a symmetrical triangle that will result in an imminent bullish breakout.
#XRP in the daily & monthly charts is super strong. He has broken down the Resistance Minor and proceeded to Resistance Major, which was at $1.33 and is now getting lowered to $1.237.
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— Dark Defender (@DefendDark) September 19, 2023
On the Flipside
The XRP community has largely been pleased by the court decision that exchange sales do not constitute an investment contract. As a result, the next week’s celebration in New York is expected to mark the next phase of mainstream adoption of Ripple products and XRP as a digital asset and not a security. Recently, Ripple’s long-term partner in Asia, SBI Remit, announced that XRP will now be used to settle cross-border payments in three more countries – including the Philippines, Vietnam, and Indonesia – with the help from Tranglo.