Price Prediction: Will Ripple Beats the Odds and Hit $0.75 Despite the Impending SEC Appeal
The ongoing battle between XRP price bulls and bears has prevented the popular cross-border payments token from surpassing the $1 mark since December 2021. Despite a surge to $0.93 last year following a pivotal ruling in a lawsuit, a subsequent sell-off erased gains, bringing XRP’s value down to $0.3.
Possibility of Reaching $0.75
XRP price is currently hovering around $0.5748, with expectations of a significant upward movement toward $1. However, the impending appeal by the Securities and Exchange Commission (SEC) in September poses a challenge to this anticipated recovery. Despite a favourable ruling for Ripple in the legal proceedings, uncertainty remains due to the possibility of an appeal motion by the SEC.
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Despite the legal uncertainties, Ripple’s fundamental indicators remain robust. Large volume holders are continuing to accumulate XRP, particularly those holding between 1 million and 10 million coins, accounting for a significant portion of the total supply. The protocol’s network growth is indicating signs of recovery, suggesting an influx of new users.
Bullish Push to Unleash Reversal
Considering the technical analysis, XRP price is currently below the 200-day Exponential Moving Average (EMA) after bouncing off the lower range limit support near $0.55. The Relative Strength Index (RSI) points to potential sideways movement before the next major price swing. However, a bullish outcome is anticipated based on the short-term four-hour range fractal, with the potential for XRP to gain momentum and target resistance at $0.64 and potentially higher.
It’s important to note the resistance at the 200-day EMA and be prepared for various scenarios, including a correction to $0.55. Key support levels at $0.5 and $0.45 should be considered for Dollar Cost Averaging (DCA) strategies in the event of a further price decline.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
