Battle between Bulls and Bears XRP Aims for 5 and 12 Hurdles to Overcome
Renowned analyst Cheeky Crypto has shifted his focus to Ripple’s XRP and despite facing current price challenges, he remains optimistic about the future prospects of XRP. He believes that the resolution of the SEC lawsuit could play a significant role in driving XRP to new heights. Here is a comprehensive breakdown of the price analysis provided by the analyst:
Price Analysis:
XRP recently witnessed a price drop, which was expected as it found support at the 50-day exponential moving average and 50-day simple moving average. The price dipped to approximately 40.8 cents, still above the previous swing low of 41.88 cents.
Bullish Scenario:
A bounce back above 57.115 cents could signal a bullish trend for XRP.
Bearish Scenario:
There are concerns regarding further price declines. According to the Elliott Wave Theory, a fifth wave down could be possible unless the price manages to rally above 50.8 cents.
Market Sentiment:
Bearish sentiments prevail with expectations of further declines, while bulls are looking to invalidate this by pushing the price above 50.8 cents. This could potentially trigger a liquidation event for short sellers. The price may fluctuate between 46 cents and 41.88 cents, but a significant drop is not necessarily anticipated.
The analyst suggests that XRP might experience a temporary drop to a range between 33 and 46 cents before witnessing substantial price increases. He views these dips as favorable opportunities to accumulate more XRP at lower prices. Looking ahead, he envisions XRP potentially reaching a range between $5.59 and $12.60. However, achieving these targets will be challenging, especially at key price levels like $1.80 and $2.31, where selling pressure could intensify.
Potential Catalysts for Price Increase:
Recent developments such as Ripple’s strategic expansion in the Asia Pacific region, including partnerships in Japan and Singapore to enhance XRP’s utility in cross-border payments, could drive the price higher. Furthermore, Ripple’s advancements in the healthcare sector by integrating blockchain technology for medical data management not only diversifies XRP’s use cases but also positions it strongly in a multi-trillion dollar industry.
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