XRP price printed a green candle along with other selected cryptos such as Bitcoin (BTC) which is up 1.1% on the day and Ethereum (ETH) up 2%. International Money Transfer Token Moves Above $0.30 The 2022 crypto winter could still be seen as a New Year’s gift to investors.
XRP Price Mulish Breakout To $1
The moving average convergence divergence (MACD) is on its way to flash a buy signal on the 12-hour time frame chart. Such a positive signal would appear with the MACD (the blue colored line) crossing above the signal line (in red).
Sidelined investors are coming back amid an optimistic outlook for XRP price in 2023. The token and the cryptocurrency industry could benefit if Ripple wins its case against the United States Securities and Exchange Commission (SEC). Both sides filed their final submissions in late 2022, awaiting a final decision – possibly before the end of the first quarter of 2023.
Ripple has better chances of emerging as the winner in the lawsuit that has been going on for more than two years since December 2020. However, the chances of winning may be slim due to the recent tumultuous events in the cryptocurrency industry.
I’m talking about the collapse of the FTX exchange, which revealed a huge regulatory gap in the cryptocurrency industry. Therefore, the government can use this case to show that it is ready to act to protect investors.
For now, all that investors can do is prepare and position themselves. XRP’s short-term technicals confirm that the path of least resistance is to the upside. Hence a break above $0.35 would invite more retail investors into the market.
Moving towards $1 will require XRP to overcome several key hurdles, starting with the stubborn 50-day exponential moving average (EMA) (red) with a falling dotted trendline at $0.3587.
Further gains to $0.45, $0.55 and $1 will depend on how XRP price behaves with resistance at the 100-day EMA (in blue at $0.3746) and the 200-day EMA (in purple) at $0.3990 .
According to Neghart8, an analyst on Tradingview, XRP is waiting for “one last leg down before going up” if history repeats itself. As shown below, the analyst presents a weekly time frame outlook on XRP price.
Jaydee_757, another analyst, echoed XRP’s position via TradingView, saying that it is time to buy, especially with the crypto market in shambles. He said, “The whales/elite will not miss any opportunity to make money. They simply buy the fear, let the market hype up, take profit and after taking profit it crashes again.”
On the other hand, investors should tread carefully, in keeping with predictions from other Coinbase experts. in Market Outlook Report Issued on December 20, analysts said that the crypto winter could last until the end of 2023, with a trend reversal expected in 2024.
On the other hand, XRP price must remain above the $0.30 support in 2023 to maintain investor confidence in the cross-border remittance token.
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