TL;DR XRP has stayed stable between %excerpt%.51 and %excerpt%.54 despite market volatility, with analysts predicting a potential rise due to its low RSI ratio. The upcoming launch of a Ripple stablecoin, a possible XRP ETF, and a settlement in the lawsuit against the US SEC could also drive a price increase. Is XRP Ready to Spike? While the cryptocurrency market experienced substantial volatility in the past few weeks, Ripple’s XRP remained relatively unfazed. Its price has recently consolidated in the %excerpt%.51-%excerpt%.54 range and is currently trading at the lower line. Still, many analysts believe the asset will head north in the near future, citing some important factors. The X user EGRAG CRYPTO assumed that XRP could soon turn into a bullish mode due to the low RSI ratio. The Relative
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TL;DR
- XRP has stayed stable between $0.51 and $0.54 despite market volatility, with analysts predicting a potential rise due to its low RSI ratio.
- The upcoming launch of a Ripple stablecoin, a possible XRP ETF, and a settlement in the lawsuit against the US SEC could also drive a price increase.
Is XRP Ready to Spike?
While the cryptocurrency market experienced substantial volatility in the past few weeks, Ripple’s XRP remained relatively unfazed. Its price has recently consolidated in the $0.51-$0.54 range and is currently trading at the lower line.
Still, many analysts believe the asset will head north in the near future, citing some important factors. The X user EGRAG CRYPTO assumed that XRP could soon turn into a bullish mode due to the low RSI ratio.
The Relative Strength Index is a momentum oscillator used in technical analysis to measure the speed and change of price movements. It varies from 0 to 100, with a ratio above 70 generally indicating that an asset is overbought and due for correction. XRP RSI has been well below the 50 mark in the past few days, currently positioned at 40.
AlexCobb touched upon the matter, too, outlining several essential elements that could fuel a rally for the asset. The upcoming launch of a Ripple stablecoin, potential filing for an XRP ETF, and a possible settlement of the lawsuit between the company and the US Securities and Exchange Commission (SEC) are some of the factors.
The legal battle between the two entities has been ongoing for over three years, with the case recently entering its trial phase. Some industry participants believe Ripple has the upper hand in the lawsuit after securing three partial court victories last year.
Each triumph was followed by a significant XRP price resurgence, meaning a decisive win might fuel another rally. If you are curious to learn more about the case’s specifics and its impact on the token’s valuation, please check our dedicated video below:
Previous XRP Forecasts
The X users JAVON MARKS and Dark Defender also chipped in with optimistic predictions. Similar to EGRAG CRYPTO, the former pointed to the RSI pattern as a contributing element to a potential XRP price increase in the range of $15-$20.
Dark Defender was bullish, too, albeit envisioning less impressive peaks. Most recently, the analyst claimed XRP’s initial targets are $0.5882 and $0.6044. Prior to that, the X user forecasted a spike toward $1.88 should the coin’s weekly candle close above the $0.66 mark.