The cryptocurrency market has recently witnessed unprecedented price volatility, with Bitcoin (BTC), the leading cryptocurrency, starting to test the $27,000 level. Meanwhile, altcoins have also moved, and XRP, the sixth-largest cryptocurrency by market capitalization, is positioned at $0.49. However, the real critical move for XRP could start beyond a specific point.
XRP Price Analysis
The fact that a result could come at any moment from the Ripple and SEC case makes XRP’s positioning very close to the explosion point, signaling that everything is ready for a potential rally. XRP broke the $0.48 resistance and now aims at the $0.51 resistance as the biggest target.
Although XRP tested $0.56, it could not achieve success there and retreated towards the $0.525 support point. After this, XRP, which pulled back to $0.48, found buying power at $0.4550, halting the bleed. After breaking the $0.48 resistance here again, XRP is now on the agenda with a slow but sustainable rally. Without encountering significant resistance, XRP could proceed up to $0.5650, which corresponds to the 23.6% Fibonacci retracement level of the drop, and if it breaks this after $0.51, it could signal a real bull.
Currently, the XRP price is located below $0.51, where the 100-hour simple moving average on the 4-hour chart coincides. The XRP/USD pair will first try to break $0.51 with the momentum of breaking $0.48.
XRP Could Explode with Good News
Positive case news following the breaking of the $0.51 resistance for XRP could resonate, pushing crowds into large-scale buying. This, in turn, will break the $0.80 and subsequently the psychological resistance of $1. After $1, unseen levels from previous years open up for the XRP price. Even though XRP broke the record with $3 years ago, it has not been able to break a new record for a long time, and everything could change with the upcoming lawsuit news. XRP investors are not only following the Ripple case but also closely tracking and interested in the Binance and Coinbase lawsuits.
