Is $XRP about to go up? The signs point to yes!
We've seen Ripple's $XRP take investors on a wild ride with huge highs and heavy lows. No coin has dropped more than $XRP from its all-time high (ATH) in 10 days. It's down 86% from a high of $3.40 in 2018, and the last big increase was in early 2021. Nevertheless, Ripple has somehow managed to stay in the top 10 most valuable cryptocurrencies.
So, the question here is why is $XRP showing signs of improvement? What makes a good time for potential surgery?
A perfect storm for $XRP
The price of Ripple has been hovering around a strong support zone at $0.2888 since 2021, hitting this level several times, as we can see in the chart below. This zone proved to be a solid surface by preventing further drops.
Now, Ripple is testing critical resistance at $0.6687. If $XRP can cross this barrier, the next target is $0.9594. Since $XRP has been stuck in this pattern for five years, this looks like it could be setting the stage for a big rally, so the possibility of a breakout is high.
Why the time for $XRP is now.
Since Ripple is still a strong Layer-1 blockchain, with the lowest transaction fees in the crypto market, the demand for this coin has never been canceled. The ecosystem is growing, and recently launched a native stable coin. These developments are making Ripple stronger and more attractive to crypto investors.
The ongoing legal battle with the US Securities and Exchange Commission (SEC) has been a big deal for all these years. Initially, the SEC wanted a fine of 2 billion dollars and argued that Ripple should not be more than 10 million dollars. They recently offered a fine of 102.6 million dollars, it seems that they are willing to compromise. This is what has held XRP back.
Ripple is not only focused on the present, but is also building a large-scale payment system based on the XRP Ledger (XRPL). This system works in conjunction with global central bank digital currencies (CBDCs), making transactions faster and more efficient across the globe. This larger view explains why the rate hike has been delayed. Such a transformational project will take time but promises great rewards.
Overall, we can say that $XRP's technical setup, growing ecosystem, and potential legal victory make it a great opportunity for the avid crypto community.
