Altcoin
XRP price is targeting the $5 and $12 levels, awaiting the approval of these challenges
Cheeky Crypto Analyst turned his attention to Ripple’s XRP and, despite the current pricing challenges, said that the future outlook for XRP looks very promising. He thinks the resolution of the SEC lawsuit could be an important factor in pushing XRP higher in the future. Here’s a detailed breakdown of the analyst’s price analysis:
Price Breakdown: XRP recently experienced a price decline, which was not surprising as it found support at the 50-day exponential moving average and the 50-day simple moving average. The price recently fell to around 40.8 cents, still higher than the previous low of 41.88 cents.
What is the bull case?: A bounce above 57.115 cents could indicate a bullish trend.
But what is the bear case?: There is concern about further price drops. According to Elliott wave theory, a fifth downward wave is possible unless the price rises above 50.8 cents.
Market sentiment: Bears expect further declines, while bulls aim to invalidate this by pushing the price above 50.8 cents, potentially triggering a liquidation event for short sellers. The price could fluctuate between 46 cents and 41.88 cents, but a significant drop is not necessarily expected.
The analyst said that before XRP sees large price increases, it may drop further between 33 and 46 cents. Nonetheless, he sees these drops as good opportunities to buy more at lower prices. Looking ahead, he believes that XRP could eventually reach a value between $5.59 and $12.60. However, achieving these goals will face challenges, especially around key price levels such as $1.80 and $2.31, where selling pressure could be strong.
Could these catalysts push the price higher?
Recent developments include Ripple’s aggressive expansion into the Asia Pacific region, particularly through partnerships in Japan and Singapore, aimed at improving XRP’s utility in cross-border payments.
Additionally, Ripple has made great strides in the healthcare industry by integrating blockchain technology to innovate medical data management. This initiative not only diversifies XRP’s use cases but also strongly positions it in a multi-billion dollar industry.