Analyst Cheeky Crypto turned his attention towards Ripple’s XRP and despite current price challenges, he said that the future prospects for XRP look very promising. He thinks resolving the SEC lawsuit could be a big factor in pushing XRP higher in the future. Here is a detailed breakdown of the price analysis by the analyst:
Price Breakdown: XRP recently experienced a price drop, which wasn’t surprising as it was finding support on the 50-day exponential moving average and 50-day simple moving average. The price recently dipped to around 40.8 cents, still higher than the previous swing low of 41.88 cents.
But what is the Bearish Case?: There’s concern about further price drops. According to Elliott Wave Theory, a fifth wave down is possible unless the price rallies above 50.8 cents.
Market Sentiment: Bears are expecting further declines, while bulls aim to invalidate this by pushing the price above 50.8 cents, potentially triggering a liquidation event for short sellers. The price could move between 46 cents and 41.88 cents, but a major drop isn’t necessarily expected.
The analyst said that before XRP can see big price increases, it might drop further to between 33 and 46 cents. Despite this, he sees these drops as good opportunities to buy more at lower prices. Looking ahead, he believes XRP could eventually reach between $5.59 and $12.60. However, reaching these goals will face challenges, especially around key price levels like $1.80 and $2.31, where selling pressure could be strong.
Recent developments include Ripple’s aggressive expansion in the Asia Pacific region, particularly through partnerships in Japan and Singapore, aimed at enhancing XRP’s utility in cross-border payments.
Additionally, Ripple has made strides in the healthcare sector by integrating blockchain technology to innovate medical data management. This initiative not only diversifies XRP’s use cases but also positions it strongly in a multi-trillion dollar industry.
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