In-spite of this XRP The bulls have managed to keep the cryptocurrency above the $0.37 level by breaking below a major uptrend that has been in progress since the start of 2023 late last week. XRP, the token that powers the XRP Ledger, a crypto-powered decentralized payments-focused blockchain created by Wavewas changing hands at $0.38, up nearly 3.0% from previous weekly lows, taking some support from a weaker US dollar along with the broader cryptocurrency markets.
Some short term speculators were expecting XRP To test the February low above $0.36. But the cryptocurrency has instead been able to move back north of its 100-day moving average at $0.381, with bulls now eyeing a retest of the 200DMA just ahead of the $0.40 mark. This is a major resistance zone considering the presence of a downtrend connecting higher levels until September 2022.
Price Prediction – Where’s Next for XRP?
XRP traders continue to eagerly await new updates regarding Ripple’s ongoing lawsuit with the US Securities and Exchange Commission. Bulls are hoping that the SEC, who are claiming that Ripple issued XRP as an unlicensed security to US investors, will either be beaten outright, or forced into a settlement, which many People think that XRP will give a significant pump to the price.
Until further updates on this topic, XRP may continue to struggle to rise above its downtrend since last September. But if the cryptocurrency can stage a bullish breakout above the cloud of its northward moving averages and downtrend from last year, the door could be opened for a bullish retest of earlier yearly highs in the $0.43 area. Could If XRP can break north of this area, a bullish run to $0.50 could be on the cards.
Failing any near-term bullish break, the gradual grind towards $0.30 looks like a strong technical possibility.
XRP Alternatives to Consider
The short term outlook for XRP is mixed. Traders looking for quick profits may want to consider other high-potential tokens, such as those sold in pre-sales by promising up-and-coming crypto projects. We’ve reviewed some of the best candidates in this list of the top 15 cryptocurrencies for 2023, as analyzed by… cryptonews Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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