Despite increased price volatility in the cryptocurrency market, the XRP price remains stuck around the $0.54 mark. Following the SEC appeal, the tension between the Ripple vs SEC case has taken over the crypto space.
With the rising uncertainty in the market, will XRP price experience a significant surge during the last leg of the financial year? Or will the price consolidate infinitely once again?
Crucial Time To Hold Ripple Tokens?
The XRP price has displayed a weak price action over the past day by recording a drop of ~2% in valuation. Moreover, the altcoin has recorded a change of ~5% during the past month. This suggests a rising disinterest of investors in this altcoin.
However, top analysts have given an optimistic outlook with the Ripple token potentially retesting its yearly high of $0.7450 during the upcoming weeks. Moreover, Ripple Lab’s legal team are confident about the ruling remaining valid. This brings a sign of relief to its long-term investors.
XRP Technical Sentiments
The SMA indicator constantly supports the Ripple price in the 1D time frame. This indicates a strong bullish sentiment for the altcoin in the crypto market.
Further, the MACD indicator shows a constant rise in the green histogram with its averages showing a bullish convergence in the XRP price chart. This suggests that the bulls may continue gaining value this week.
Will Ripple Price Retest $0.74 This Q4?
Suppose, the bullish sentiment intensifies, this could result in the XRP price retesting its important resistance level of $0.560. Further, if the bulls continue to dominate the crypto space, it could head toward its upper resistance level of $0.630.
However, the rising uncertainty and the rising tension with the SEC could result in the price potentially plunging toward its important support trendline of $0.480 during the upcoming time.
Concerned about the price prospects of the 7th largest cryptocurrency? Further, fueled with questions like When will XRP price hit $1? Read our Ripple (XRP) Price Prediction 2024 – 2030!
