- Summary:
- XRP price is signaling a potential return above the levels it traded before the Securities and Exchange Commission (SEC) filed its lawsuit.
XRP price skyrocketed on Friday, gaining 10.2% at the time of writing to trade at $1.70. The crypto coin, which has been beleaguered by legal battles for over three and a half years has firmly established itself as one of the best performers in the crypto market. XRP has gained 36% in the last week and is up by 176% year-to-date.
The crypto market made a strong resurgence in the last two days following a brief consolidation a week ago. Market bellwether, Bitcoin, traded at $98k at the time of writing, with investors betting on it going all the way to the $100k mark. XRP is arguably the most event-packed crypto coin, with a potential SEC case withdrawal and spot ETF approvals injecting strong impetus.
If XRP manages to flip the $1.70 mark into a support, the next target will be the psychological $2.00 mark. Rising to that level would position it above the level it traded before the case sued the coin’s issuer, Ripple Labs. Furthermore, if the SEC withdraws or settles its suit against Ripple, XRPUSD could form a hockey stick pattern in the medium-term.
Meanwhile, XRP’s open interest rose by 31% in the last 24 hours, according to Coinanalyze data. In addition, its futures contracts were up by 19%. These numbers show strong investor confidence in XRP price both in the near-term and long-term.
XRP Price Prediction
XRP price pivots at $1.68, and the buyers are in control as per the RSI. The momentum will likely encounter initial resistance at $1.71. However, the price could break above that mark if the buyers extend control. That could potentially send it higher to test $1.74.
On the other hand, moving below $1.68 will signal a shift of the momentum to the downside. With that, the first support is likely to come at $1.66. However, a stronger selling pressure could break below that level. That would invalidate the upside narrative and potentially test $1.63.
