In the ever-evolving world of cryptocurrencies, investors have been closely monitoring the price movements of Ripple since the unexpected turn of events in the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Ripple on July 13. Ripple, the company behind XRP, claimed a partial victory as the U.S. court ruled that the sales of XRP to non-institutional investors were not securities, leading to a temporary surge in the altcoin’s price.
Experienced crypto analyst TradingShot shared insights on what to expect for XRP in the coming months in a post on TradingView on September 13. The analyst noted that the positive impact of the court investigation had diminished but highlighted a rapid rally that saw XRP’s price rise above $0.90 for the first time since April 2022.
TradingShot’s analysis pointed out that this decline was attributed to XRP falling below the 50-day moving average (MA) on the daily timeframe, breaking critical support levels, and touching the 200-day MA on the daily timeframe and the 50-week MA on the weekly timeframe. These significant moving averages now serve as support zones for XRP and indicate that buyers have crossed an important threshold to support the altcoin.
Based on these observations and analysis, TradingShot expressed bullish expectations for XRP. The analyst set a mid-term price target of $0.56750 for October and predicted that XRP’s price would continue to rise in the coming month.
One notable aspect of TradingShot’s analysis is the Relative Strength Index (RSI) on the daily timeframe forming higher lows. This pattern potentially indicates a similar bottom formation observed on January 2, 2023, and June 13, 2022.
By comparing the current market dynamics with the pattern observed between June and December 2022, the analyst drew parallels with the period from April to September 2023. This comparison suggests that XRP’s price could follow a similar pattern of upward movement.
Shedding light on the future of XRP, TradingShot also provided a long-term target of $0.9300 for January 2024. This long-term forecast indicates that the positive momentum could extend until the new year. The analyst stated, “In conclusion, we are in an upward trend, with our mid-term target for October being $0.56750 and our long-term target for January 2024 being $0.9300.” This would nearly double the current value of XRP.