Ripple’s (XRP) relisting by New York’s leading cryptocurrency exchange Coinbase could mark a new beginning for the token, which has been involved in a long-standing court battle. According to the XRP price prediction, the support at $0.52 and $0.5 could serve as a springboard for the next bull run. This could push the token above $1 and ignite FOMO among investors.
Support Line in XRP
The recovery above $0.5, tagging $0.54 on Monday, confirmed XRP’s potential to recover and close the gap to $1 if market conditions improve. Despite the volatility since Wednesday, XRP support has held at $0.52, thus maintaining the selling pressure at the $0.5 level.
The 20-day exponential moving average (EMA) also strengthens the bullish outlook, providing support at the $0.52 level. However, to confirm the continuation of the bullish trend, XRP’s price may need to rise above the 50-day EMA at $0.5354 and the 200-day EMA at $0.5595.
Current Data on XRP
The relative strength index (RSI) on the same chart could strengthen the bullish thesis by staying above the midline. Another breakout attempt is possible this week. Key targets include $0.65, $0.8, and $1. However, a bearish pennant formation on the daily chart is noteworthy. If confirmed, XRP’s price could first fall below $0.5 and seek support and liquidity at $0.45 before initiating a significant recovery to $1.
On the other hand, the resumption of Ripple’s transactions could be another assurance that XRP has a future as a cryptocurrency, despite the ongoing lawsuit due to the token’s sale to institutional investors. Additionally, the judge handling the SEC case indicated that direct sales to investors could constitute unregistered securities. This part of the case is yet to be determined. At the time of writing, the popular altcoin Ripple is trading at $0.52.
