The Ripple-backed XRP market continued its impressive rally during the early Asian trading hours on Monday. According to the latest crypto market data, XRP is exchanging around $0.538, representing an approximate 3 percent increase in the past 24 hours. These significant gains in the XRP market have rejuvenated the bullish sentiment, especially as the SEC vs Ripple case approaches its final stages.
For the first time since April 2021, the XRP price broke out of a falling logarithmic trend, indicating potential upward gains in the coming days. Furthermore, the 59 and 200 MAs (moving averages) on a weekly basis have now become significant support levels, despite previous pressures from a death cross.
Presenting the most important #XRP ranges to pay attention to, along with my bull and bear targets
As long as $XRP is under $0.58 , then $0.3 and $0.17 are likely visited first before price uplift
Alternatively, breaking $0.58 leads to $1 and $1.94 within range#XRPCommunity pic.twitter.com/EqyHXcCU96
— LE₿ C®️YPTO (@leb_crypto) June 4, 2023
In terms of short-term price targets, a popular crypto analyst and trader on Twitter, @Leb_Crypto, identifies the $0.58 level as a major resistance point that could lead to substantial volatility if breached. The analyst notes that if the bulls manage to surpass this level, the XRP price could rally as high as $1.94. However, the analyst also warns traders to be cautious of bears in the short term, as a drop to $0.17 is plausible if $0.58 proves to be a significant resistance level.
Also Read: Ripple Vs SEC Lawsuit: Pro-XRP Lawyer Tips 25% Chance for Ripple Victory
One crucial factor that will heavily impact XRP is the ongoing SEC vs Ripple lawsuit. Despite XRP’s widespread adoption outside the United States, a ruling in favor of SEC Chairman Gary Gensler, asserting that XRP is a security, would have profound implications for the asset.
