Ripple’s price was stuck at a lower level due to its lawsuit against SEC, but now the case will resolve within a few months, and the judgment might come in favor of Ripple. After that, we can expect a price surge.
However, at the beginning of last year, XRP was trading around $0.9, and currently, it is trading around $0.33, which has not lost too much value, but the price had already fallen in the last two years when all the others cryptocurrencies surged significantly, XRP did not perform well.
On the long-term chart, $1.6 is a resistance for XRP, but it has formed a lower low, around $0.3, without breaking the previous low of $0.2. Will XRP be able to cross the resistance mentioned above? Read our XRP forecast to know!
At the time of writing this post, XRP was trading around $0.331, which has formed a hammer on the daily chart. Based on the technical indicators, Bollinger Bands lack volatility, RSI is below 40, and MACD is bearish.
XRP price may surge to $0.5 in case there is a performance improvement, so it is the right time to invest at this support level. However, the current investment will be risker as the entire crypto market is experiencing high volatility.
On the weekly chart, candlesticks are forming below the baseline of the Bollinger Bands with positive MACD and neutral RSI. It can be a good time to accumulate XRP expecting a price surge as soon as the XRP-SEC case resolves.
We can find a slight increase in volume that indicates an accumulation of big investors for the long term because the marketing and development teams are working on expanding its use cases to make it a sustainable cryptocurrency for investors.
Experts suggest 2023 will be a volatile year for cryptocurrencies, but we think Ripple (XRP) will hit a new all-time high. If you are an active investor, you have to keep a close eye on your crypto portfolio and book the profit at the right time.
