XRP Price Prediction As Bulls Push To Ignite Reversal
- PHPzOriginal
- 2024-08-30 00:01:191147browse
The tug-of-war between XRP price bulls and bears has prevented the renowned cross-border payments token from reaching $1 since December 2021.
A legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has impacted XRP price movements. The cross-border payments token has struggled to reach $1 since December 2021 due to the ongoing tug-of-war between price bulls and bears.
Last year, XRP price surged to $0.93 following a partial ruling in the lawsuit, which stated that secondary sales of XRP were not deemed securities by the court. This ruling sparked optimism among investors, suggesting that the token could be classified as a non-security asset.
However, a sell-off occurred shortly after, wiping out the gains and driving XRP price down to the $0.3 support level. The sell-off was attributed to concerns over the SEC's plan to appeal the ruling and continue its legal pursuit against Ripple.
Despite the legal challenges, XRP price has shown signs of recovery in recent months. The protocol's network growth suggests that new users are gradually joining the network, which could bode well for the token's long-term adoption.
Moreover, the MVRV ratio for XRP currently stands at 2.44, indicating that Ripple holders are profitable. However, the ratio is still below the sufficient level to trigger profit-taking, suggesting that investors may be inclined to buy more XRP in anticipation of a price increase to maximize their gains.
From a technical perspective, XRP price is holding below the 200-day Exponential Moving Average (EMA) after bouncing off the lower range limit support near $0.55. The Relative Strength Index (RSI) on the daily chart showcases a possible sideways action before determining the next major move.
If the bullish outcome plays out based on the short-term four-hour range fractal as illustrated, XRP price will gain momentum to tackle resistance at $0.64 (upper range limit). Fear Of Missing Out (FOMO) could grip investors, especially whales, bolstering Ripple's chances of reaching $0.75 and up to $1.
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