XRP Price Continues to Fly while the Crypto Space Bleeds Red! This is When it May Reach $3.3

12 May 2023

in XRP

Reading Time: 2 mins read

21Shares files S-1 application for an XRP ETF

1 November 2024

Ripple CEO optimistic about crypto post-election, regardless of outcome

24 October 2024

The crypto space is falling down! The majority of the cryptos are either testing the crucial support levels or have dropped below them. Bitcoin price, which plunged below $27,000 earlier, has lost support at $26,500. The extended bearish action has also compelled the ETH price to drop below $1760. In the meantime, the XRPArmy has intensified its activity and is lifting the price beyond the bearish influence.

One of the main reasons for the growing strength is the positive vibes surrounding the Ripple vs SEC lawsuit. Recently, Ripple CEO, Brad Gardlinghouse said that he expects a closure soon before the end of Q3. Since then the XRP price has been displaying significant strength and is self-assured of the upcoming rally.

However, it is very important for the price to reach the next resistance close to $0.5 which may eliminate the bearish influence which may be extended until the lawsuit finds its destiny. In the short term, the price is rising high and may also test the interim resistance levels. But the price is required to reach the major resistance at $0.67 to trigger a massive bull run towards $3.3 as predicted by a popular analyst.

As per the analyst, the XRP price may remain under the bearish influence until it surges beyond $0.67 which is a major break structure. Meanwhile, the price is still predicted to drop back to these levels after rising above $1 multiple times. Therefore, these levels are extremely important to hold else the token may witness a fresh bearish wave.

However, the analyst believes that the XRP price may find its way out to reach the milestone located at its ATH above $3 after it surpasses the 2021 highs close to $2. This may further pave the way for the asset to reach levels above $3 and eventually mark new highs, surpassing the 2018 highs.

Credit: Source link