Here’s When the XRP Price Will Break Out, Analyst Maps Next Levels
The XRP price has bounced back from its multi-week falling trend line, thus decreasing the chances of continuing with the four-week relief rally. Down 4.2 percent in the past seven days, XRP price traded around $0.397653 during the early Asian market on Monday.
Analysts are more bearish on the XRP market in the coming weeks, with a short-term price target of $0.369. Moreover, its price has a strong support level of around $0.32, where the asset may bounce back to retest the weekly falling trend again.
XRP Price Action & Market Outlook
According to pseudonymous XRP trader Dark Defender, a pullback to the $0.36 area before a breakout is imminent in the coming weeks. A falling thesis is supported by the fact that the 50 and 200 WMA have crossed and turned to a resistance trend. Popularly known as the death cross, the XRP bulls will have a challenging time in the coming days.
“XRP is struggling to break $0.42. If this last for 4 more days until 9-Feb, we can expect our last corrective Wave C towards $0.3602. This structure is also similar to the one we had in mid-Aug-22. I still expect the break-out in March,” Dark Defender noted.
The XRP price breakout in the coming months is highly dependent on the ongoing Ripple vs SEC lawsuit. With uncertainty over the case increasing due to the past crypto events – FTX implosion and LBRY loss – the XRP price may remain choppy for a long while.
Nonetheless, the Ripple legal team is optimistic that the company will win the case as the SEC has brought in weak arguments and has nothing strong going for them.