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XRP Price Buckling Up For A 45% Surge This Week? Are These Factors Hinting At A Run To $1?

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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May 2, 2022

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Highlights

  • 800 Million XRP tokens move back to the escrow wallet until the 1st of June.
  • Marketers pin hawkish sight as XRP price shows signs of a trend reversal from bearish to bullish.

   The cryptosphere’s lawsuit stricken digital asset XRP has been making it to the talks in the industry. Following the 800 Million XRP tokens moving back to the escrow wallet until the 1st of June. And the latest updates on Ripple’s legal brawl against the U.S SEC. Conversely, marketers from the business have pinned hawkish sight as XRP shows signs of a trend reversal from bearish to bullish. 

Will These Be The Catalysts For XRP’s Run? 

 According to crypto tracker Whale Alert, Ripple has moved three huge bags of XRP. Holding 500 M, 200 M, and 100 M tokens. The tokens are moved back to their escrow wallet, where the digital assets will be locked until the 1st of June. The update coming from a substantial source has escorted optimism in the community. 

In the latest update in the Ripple SEC lawsuit, we have seen Judge Analisa Torres modifying the briefing schedule of the legal case. The rescheduling of the timeline of the lawsuit has brought relief to the community members. While the plaintiffs have filed a motion asserting the attorney-client privilege in Hinman’s speech. The XRP army seems to be holding faith in Ripple’s strike back. 

To read the latest update on Ripple’s lawsuit click here!

XRP Price Analysis

 XRP’s price at the time of press is changing hands at $0.6189, with gains counting at 4.91%. While the market capitalization now stands at $29,768,937,139. The volume for 24-hours is down 19.76% at $1,567,535,399. The daily chart of the digital asset is showing signs of reversal. The RSI has reached the oversold levels which hints that the marketers might start marking positions. 

Successively, if XRP surges to close its trade above $0.632, it could indicate a retracement to the Fibonacci levels of $0.732. Reclaiming the grounds at which, could open the doors to its potential high of $0.7694. A positive update in the lawsuit could push the price to $0.8673

Conversely, a sudden dump in the market, prevailing from FUD resulting from FED’s rate hikes. The crypto asset could slip below the support at $0.601. Invalidating the aforesaid bullish thesis, the price of XRP could plunge to $0.5793

Summing up, with the buzz around XRP here to stay for the long term. The altcoin remains one of the best buys at the dip. Whilst the price of XRP could witness a downfall in the short term amidst the FUD of rate hikes. The cryptocurrency will eventually munch on candles, as marketers would begin to make positions. 

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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