Ripple’s XRP is gearing up for some short-term action. The coin might see a quick rise before it dips again. Looking ahead, there’s hope for a bigger move towards $0.75 to $0.85, but the ongoing SEC case will be a key factor in shaping its future.
Analyst Cheeky Crypto said that XRP has been oscillating between the high range of $0.66 to $0.75 and the accumulation zone between $0.33 to $0.46. This range-bound behavior is expected to continue until there is more clarity on the legal front.
Potential Breakout Scenario
The price action suggests that XRP might experience an upward breakout, possibly negating previous bearish expectations. The next potential target could range between $0.60 and $0.61, where the price might face resistance before potentially heading lower again.
On a micro time frame, XRP is in a bullish structure with a strong low and weak high, suggesting that there might be more room for the price to run higher. The next move could see XRP touching the $0.609 to $0.612 range before a likely rejection from the downward trendline.
The downward trendline has consistently acted as resistance, and the Stochastic RSI on both the daily and weekly time frames is overbought. This suggests that the market might be due for a shift to the downside.
If XRP fails to hold the $0.51 to $0.52 support level, it could drop to $0.47, aligning with the lower boundary of the wedge. Despite the short-term bearish signals, the overarching corrective pattern indicates a breakout towards the $0.75 to $0.85 range in the medium term.
However, the analyst said that looking ahead, assuming the SEC case concludes favorably for Ripple, XRP could target $5.59 to $11.25 by 2025.
