Despite increased price volatility in the cryptocurrency market, the XRP price remains stuck around the $0.54 mark. Following the SEC appeal, the tension between the Ripple vs SEC case has taken over the crypto space.
With the rising uncertainty in the market, will XRP price experience a significant surge during the last leg of the financial year? Or will the price consolidate infinitely once again?
The XRP price has displayed a weak price action over the past day by recording a drop of ~2% in valuation. Moreover, the altcoin has recorded a change of ~5% during the past month. This suggests a rising disinterest of investors in this altcoin.
However, top analysts have given an optimistic outlook with the Ripple token potentially retesting its yearly high of $0.7450 during the upcoming weeks. Moreover, Ripple Lab’s legal team are confident about the ruling remaining valid. This brings a sign of relief to its long-term investors.
The SMA indicator constantly supports the Ripple price in the 1D time frame. This indicates a strong bullish sentiment for the altcoin in the crypto market.
Further, the MACD indicator shows a constant rise in the green histogram with its averages showing a bullish convergence in the XRP price chart. This suggests that the bulls may continue gaining value this week.
Suppose, the bullish sentiment intensifies, this could result in the XRP price retesting its important resistance level of $0.560. Further, if the bulls continue to dominate the crypto space, it could head toward its upper resistance level of $0.630.
However, the rising uncertainty and the rising tension with the SEC could result in the price potentially plunging toward its important support trendline of $0.480 during the upcoming time.
Concerned about the price prospects of the 7th largest cryptocurrency? Further, fueled with questions like When will XRP price hit $1? Read our Ripple (XRP) Price Prediction 2024 – 2030!
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