XRP might be back chasing bulls as it marches towards a crucial resistance level at $0.60. XRP’s price increased 9.69% in a week amid its price moving backward last month. Though a nominal charge, the XRP price stands at $0.58650. Many analysts continue to keep faith but the market sentiment is a different story altogether. The market sentiment for XRP seems to be confused. While many thought Ripple’s lawsuit was over when Judge Torres fined the global payment giant $125M, whispers seem to float that SEC might appeal though the latter has chosen to remain silent.
This uncertainty has been affecting XRP. In this article, we will explore the latest price swings, technical chart patterns, and factors driving up the momentum, highlighting what to be on the lookout for in the short and long term.
1. XRP Price Overview and Technical Levels
XRP is currently experiencing a bullish momentum after a week of consistent gains. The cryptocurrency shot up as high as $0.5777 and now saw a slight dip, striving to test its new resistance level at $0.595.
- Key Resistance: $0.595 -If the token can break this resistance mark, it could commence another bull run where the price might touch a new high of $0.62.
- Support Zone: $0.56-$0.57 – This support range is not new as XRP’s price has held itself in this support range in the past and skyrocketed higher. If the prices dip, this would make a great opportunity to buy XRP.
2. Legal battle of XRP Against SEC Affecting Sentiment
It cannot dispel the truth that the long-lasting legal battle between SEC and Ripple has negatively impacted XRP’s prices. The court ruling in favor of SEC but slashing their fine by 94% has surely helped pull up XRP’s prices. Even though the SEC’s claim against XRP on ‘unregistered security’ spread like wildfire, the community seemed to have taken sides with Ripple. As the legal battle progresses, the market sentiment for XRP seems to be bullish, clinching high with every update in the case.
3. What’s Next for XRP’s Price Movement?
- Further Wins against SEC: If the SEC does not move forward with their appeal, XRP’s price can break past $0.60 and potentially reach $0.70 or beyond.
- SEC Actions: However, the SEC Chair’s recent remarks hinting at future actions against other cryptocurrencies might propel a bearish momentum for the entire crypto market, dragging XRP’s price along with it.
- Upcoming Developments and Market Sentiment: XRP’s market sentiment continues to be positive with Ripple building several partnerships and also gearing up for the launch of their stablecoin RLUSD. Further, XRP has successfully maintained its relevance, continuing to attract institutional clients by allowing them to send remittances and international payments at faster and cheaper rates. As per the most recent competitor coverage, according to our XRP price prediction, it is building its momentum for a massive price breakout.
- Short-Term Outlook: In the short term volatility can be expected from XRP as it continues to test critical levels. XRP can break into a bull run if the token can test the resistance of the $0.60 level again.
- Long-Term Outlook: XRP’s price has amplified by 14.07% over the past year. As the crypto industry reaches regulatory clarity, long-term holders can remain optimistic as XRP is poised for further growth.
4. Strategies to Consider
As XRP reaches a crucial point, these are the strategies that can be implemented to make the most profit:
- Breakout Traders: If XRP breaks above $0.595, the new price touchpoint for XRP could be $0.62, making it profitable for short-term trades.
- Dollar Cost Averaging (DCA): Those willing to build an XRP position, DCA-ing in around support levels at $0.56-$0.57 can help mitigate risk in the long game.
- Watch the XRP News: Be in the know of any updates regarding the SEC and Ripple along with any regulatory friction or action that could influence the price of XRP.
Is XRP Ready to Surge?
Whether or not XRP will surge in the short term depends on whether it can break the $0.60 barrier and if the SEC would file an appeal to the $125 million compensation. However, many analysts agree that XRP might experience a bullish breakout. However, as regulatory air around cryptocurrencies has yet not cleared, traders need to maintain caution before trading. However, XRP could offer returns in the short term and might be a good investment option in the long term.
Read more: Ripple will Pay Funds to the SEC Upon Declination of Appeal
