XRP Price Prediction – When will XRP hit $5?
Optimism among investors regarding Ripple's legal conflict with the US Securities and Exchange Commission (SEC) is a significant factor contributing to the price increase of XRP. The SEC had filed a lawsuit accusing Ripple of selling unregistered securities, specifically alleging that XRP is a security.
In a recent development, Judge Analisa Torres denied the SEC's request to conceal documents related to a speech by former SEC corporate finance division director Bill Hinman. This is the third time this specific request has been denied, prompting questions about why the SEC is so eager to seal these documents. The response is fairly straightforward.
As the former director of the SEC's Division of Corporation Finance, Bill Hinman stated in a speech that the agency did not consider Ethereum (ETH) to be a security at the time. Ripple's legal team has been attempting to learn more about the reasoning behind this conclusion, hoping that it will influence the classification of XRP.
Positive news for Ripple and, by extension, XRP is the company's $250 million acquisition of Switzerland-based cryptocurrency custody provider Metaco. This acquisition seeks to expand Ripple's presence in the cryptocurrency industry by providing expanded crypto custody services.
If the positive developments surrounding the SEC case continue, there may be a positive effect on the price. In the world of cryptocurrencies, news plays an important role, and favorable or negative announcements frequently affect the market's response.
Let’s see the upcoming XRP Price Prediction from the XRP/USDT technical analysis:
XRP/USDT Faces A Massive Buying Pressure
A bullish trend continuation is potent in the daily price of XRP/USDT as the recent price forms a descending channel within a bullish trend. The ideal trading approach in this pattern is to anticipate another bullish swing once the correction is over. Therefore, investors should wait for the descending channel with a proper breakout before opening a long position.
The bullish price action in this pair started at the beginning of 2023 with a strong liquidity sweep. Later, bulls formed a channel breakout, validating the continuation of the bullish trend. A similar pattern is forming in the recent price chart, which could result in a bullish trend trading opportunity.
In the March 2023 swing, a massive buying pressure came where bulls left a fair value gap at the 0.4075 to 0.3995, which needs to be filled before extending the current pattern. In the most recent days, a corrective price action is seen above the dynamic 20 DMA level, with a confluence resistance from the channel.
The indicator window shows that the price has more room upside before testing the 70.00 overbought RSI level.
Based on the daily XRP (XRP) Price Prediction, there are multiple ways to join the bull run. First, an immediate bullish breakout from the channel resistance would offer a buying opportunity after a considerable correction.
The second approach is to wait for a channel extension towards the aforementioned fair value gap zone with a bullish rejection candlestick formation. In both cases, the ultimate target of the bull run is to test the 0.5849 resistance level.
The alternative approach is to wait for a bearish D1 candle below 0.3470, which will invalidate the bullish possibility. In that case, a minor upside correction might extend the downward momentum toward the 0.3000 psychological level.
XRP/USDT Ichimoku Cloud Analysis
In the H4 timeframe, the first bullish sign is visible from the triangle breakout, which could validate the bullish trend formation in the intraday chart. Also, the bullish level supports the ADX pressure, which is above the 20.00 neutral line.
The future cloud shows strong buying pressure as the current Senkou Span A is above the B level. The immediate support is at the dynamic Tenkan Sen level, backed by the upward dynamic Kijun Sen.
Based on the Ichimoku Cloud xrp crypto price prediction, a downside correction may occur, but any rejection from the dynamic Kijun Sen or 0.4375 to 0.4220 area could validate the bullish signal, targeting the 0.5200 level.
Breaking below the 0.4200 level could lower the price towards the 0.4000 area.
XRP/USDT Intraday Price Action Analysis
In the H1 chart, the current price faces selling pressure from the divergence formed with the MACD indicator. Moreover, the most recent price is trading below the middle Bollinger Bands line, while upper and lower bands have lowered the gap.
The indicator window shows selling pressure as the current MACD Histogram is on the sellers' side. In this context, a false break below the lower Bollinger Bands is possible, which could find support at the 0.4487 level.
Bulls should monitor how the price trades at the 0.4487 to 0.4375 area from where a rebound could happen. However, breaking below the 0.4375 level could extend the loss toward the 0.4100 area.
Is XRP/USDT A Buy?
Based on the current xrp price prediction today, investors might face a bullish trend continuation opportunity in the XRP/USD price. A close attention to the lower time frame is needed to find any early buying opportunity.
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