For years, XRP Coin investors have been unable to see significant price increases due to SEC pressure. This frustrating situation is about to change soon. As the lawsuit is coming to an end, Ripple is expected to put an end to its SEC adventure by paying a certain amount of fine. Moreover, the XRP Coin price avoided dropping below $1 in July, giving investors an early joy in the midst of a bear market.
The XRP Coin price is showing signs of recovery as BTC remains strong. The readings on the weekly chart highlight the ascending support line that XRP Coin has maintained since June. The price made new highs in March and July and reached its annual peak when the summary judgment was announced. Now, after dropping below $0.55, the XRP Coin price is targeting the resistance zone once again.
Since dropping below $0.56 in August, the first weekly closing (above $0.56) has been achieved. The strong closing on the weekly chart indicates that the upward momentum of RSI continues. Most popular analysts believe that the XRP Coin price will increase.
A market expert known by the nickname IonicXBT claimed that the chart looks ready for a rally and everyone will be talking about the XRP Coin rally within a week. Crypto Assets Guy wrote that his realistic target for the XRP Coin price is $2.5 on January 1, 2024. If he turns out to be right, it will be a big deal.
While expressing concerns about short-term closings below $0.55, Crypto Poseidon revealed that 50 million tokens were moved to a cold wallet from the Cryptocom exchange today. This situation is positive for the price.
There is a similar upward trend on the daily chart as well. In fact, at the time of writing, we see that the XRP Coin price is approaching the $0.58 mark again. 11 days ago, the price broke free from the descending resistance line and started preparing for the expected rise. This breakout and the upward trend in RSI suggest that the XRP Coin price could fluctuate between $0.68 and $0.74 in the short term.
If we do not see significant selling pressure around the $0.74 region, the price could reach the significant psychological resistance area of $1. But what if there are closings below $0.54? In this scenario, a drastic drop to $0.41 awaits investors.