- XRP shows strong potential after a rocky few months, with indicators hinting at a bullish trajectory.
- The recent court ruling on XRP’s status and the ongoing SEC lawsuit play a significant role in the cryptocurrency’s valuation.
Drawing from the insights shared in a tweet by EGRAG CRYPTO, XRP’s journey in the crypto market can be visualized as a train that’s chugging with great momentum. A look at the Monthly Time Frame chart emphasizes the significance of solid candle bodies in defining the market’s structure. From its lows in June, XRP has been on an uptrend, with EGRAG CRYPTO suggesting that the “train” has now set its course.
#XRP Train Left the Station 🚂:
Check out this Monthly Time Frame chart! Monthly wicks give us insightful hints, but it's those rock-solid candle bodies that really define market structure.
Since June lows and #XRP has been chugging along the tracks, and guess what? 🚆 The… pic.twitter.com/7wEa7DBmu3
— EGRAG CRYPTO (@egragcrypto) September 14, 2023
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Court Ruling Sparks a Price Surge
As the cryptocurrency world kept a keen eye on XRP, its price movements became particularly interesting post the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple. In a surprise development on July 13, the court ruled in favor of Ripple, declaring that XRP is not a security. This decision led to a temporary spike in XRP’s price, pushing it above $0.90 for the first time since April 2022. However, this joy was fleeting, and the currency soon faced a decline.
According to an analysis by TradingShot, XRP’s decline saw it drop below the 1D MA50, eventually touching the 1-day MA200 and the 1-week MA50. These levels now serve as a strong support zone for XRP. With the observation of the 1-day Relative Strength Index (RSI) forming higher lows, there is anticipation of a pattern akin to what was seen on January 02, 2023, and June 13, 2022. Drawing parallels from past market dynamics, XRP might be headed for a bullish turn.
Further, TradingShot remains optimistic about XRP’s future, setting a medium-term price target of $0.56750 for October and a long-term aim of $0.9300 for January 2024.
Ongoing Legal Battles and Market Response
Currently, XRP trades at approximately $0.50, registering daily gains of around 0.65%. Over the last week, the cryptocurrency has showcased stability. However, it’s essential to note that the SEC case will continue to influence XRP’s valuation. As the SEC plans its appeal and the trial for XRP executives looms next year, the crypto community awaits further developments.
With the recent legal victory boosting investor confidence and technical indicators suggesting a bullish future, there’s a buzz in the market about XRP’s potential to even touch the $7 mark. Only time will reveal the true trajectory of this cryptocurrency.
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