This month, XRP’s price had a staggering 30% increase, which enabled the cryptocurrency to reach new highs above $0.50, which hadn’t been reached since May 2022. Analysts and traders are now starting to predict XRP’s next move and how the asset will once again capture the $1 mark.
Since reaching its annual high on March 29, the price of XRP has been consolidating. After the price turned away from the $0.53 resistance level, there was a consolidation and now the price has reversed once again.
Also Read: Ripple Price Prediction 2023, 2024, 2025: Will XRP Price Reach $1 By The End Of 2023?
An expert by the name of Dark Defender on Twitter has said that XRP is slowly making a move higher and he also listed the important levels. As the sixth-ranked cryptocurrency seems to build momentum for yet another breakthrough attempt, the setting still seems bullish.
As per the analyst XRP price has broken through a level of resistance and is heading towards a target of $0.57. However, in order to reach a higher target of $0.89, it is important for XRP to break through levels of resistance at $0.57 and $0.59.
Currently, the price of XRP is consolidating beneath a significant resistance area. There’s a chance that it’ll try to break out once again soon.
Also Read: Ripple Vs SEC: Attorney Explains How Judge Torres Might Conclude That XRP Was Not Sold as a Security
Ripple Vs SEC
The price increase is the result of the overall community optimism that Ripple will win in the ongoing, two-year legal dispute with the US Securities and Exchange Commission (SEC). The outcome of the SEC case, which is widely anticipated to go in Ripple’s favor, will have an impact on the price of XRP. The case has been dragging on for two years, and the XRP army anticipates that once it is decided, XRP will have more room to grow.
It is unclear whether a positive outcome would cause XRP to return to the $1 level. After a surge that pushed the XRP price above the $0.50 level, the token is now aiming higher and has gained more than six percent in the last 24 hours.
