Despite XRP breaking below a key uptrend that had been in play since the start of 2023 late last week, the bulls have managed to keep the cryptocurrency above the $0.37 level. XRP, the token that powers the XRP Ledger, a crypto-powered decentralized payments-focused blockchain built by Ripple, was last changing hands in the $0.38s, up around 3.0% from earlier weekly lows, having derived some support alongside broader cryptocurrency markets from a weaker US dollar.
Some short-term speculators had been expecting XRP to test its February lows just above $0.36. But the cryptocurrency has instead been able to retrace back to the north of its 100-Day Moving Average at $0.381, with bulls seemingly now eyeing a retest of the 200DMA just ahead of the $0.40 mark. This is a key resistance area given the presence of a downtrend linking highs going all the way back to September 2022.
Price Prediction – Where Next for XRP?
XRP traders continued to eagerly await fresh updates with regards to Ripple’s ongoing lawsuit with the US Securities and Exchange Commission. The bulls are hoping that the SEC, who are claiming that Ripple issued XRP as an unlicensed security to US investors, will either be outright beaten, or will be forced into a settlement, which many think would give the XRP price a significant pump.
Until further updates regarding this theme come out, XRP may continue to struggle to get above its downtrend from last September. But if the cryptocurrency can muster a bullish breakout above the cloud of moving averages just to its north and the downtrend from last year, then the door could be opened for a swift retest of earlier yearly highs in the $0.43 area. If XRP can break to the north of this area, a swift run towards the $0.50s could be on the cards.
Failing any near-term bullish break, a gradual grind back to towards $0.30 continues to look like a strong technical possibility.
Buy XRP Now
XRP Alternatives to Consider
XRP’s short-term outlook is mixed. Traders looking for quick gains might want to consider other high-potential tokens, such as those being sold in pre-sale by promising up-and-coming crypto projects. We’ve reviewed some of the best candidates in this list of the top 15 cryptocurrencies for 2023, as analyzed by the Cryptonews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
Credit: Source link
