Could $10 be next for XRP?
The price of Ripple has been steadily increasing for the past two days, bringing joy to the crypto community. Now the bearish trend that started on March 12 for XRP seems to be coming to an end. In the last two days, the price of XRP has increased by 48%. At the time of writing, Ripple is trading at $0.58209.
Historical significance for Ripple
In December 2020, the SEC filed a lawsuit against Ripple Labs, claiming that XRP is an unregistered security. Last year on July 13, Ripple won a major victory when the court decided that XRP is not a security. Historical data shows that after this decision, the XRP token jumped by 100%. Also, on this judgment day, this coin has again gained by 48%.
Technical analysis supports positive sentiment
Technical indicators are also bullish for XRP. The MACD indicator shows when the MACD line crosses the signal line at 0.01284, the signal line is at -0.00281. If this prediction turns out to be true, it would suggest a bullish trend for XRP soon.
According to the chart, all moving averages are acting as support and holding the price. On the FIB chart, the XRP price has crossed several resistances.
Let's understand the zones here! The support resistance channel shows that XRP's latest support is in the $0.54900 – $0.55800 zone, with high resistance at $0.65. If XRP breaks through this resistance, it could continue its climb towards $1.
An important point here, if the weekly chart XRP crosses $0.65 in the next few days, it will return to the highs and find support from the weekly trend line.
According to data from Masari, XRP has been a profitable asset over the past year. It is up 377.56% from its low point of $0.122 (March 13, 2020). However, it is still 82.28% below the high price of $3.29 (January 4, 2018).
Market intelligence platform Sentiment shared a tweet showing the accumulation of XRP whales, stating that the whales support this price increase.
Closing thoughts
At this point, all indicators from charts and on-chain data support XRP's price increase, but the crypto community is waiting for Ripple's victory in the SEC case. Experts believe that if Ripple wins this case, nothing can stop it from reaching $10. Additionally, more institutions may start accepting Ripple, and after the Solana ETF, we may see a Ripple ETF as well.
