Amidst a period of relative calm, the XRP market stands at the precipice of a significant event. For over a year, XRP has maintained a consolidating range of 30 to 56 cents, accumulating positive fundamentals that indicate an imminent breakout.
Furthermore, institutional investors have recognized the limitations of costly and slow cross-border payment solutions like Swift, leading to a notable adoption of XRP as a digital asset.
XRP Price Analysis For Q3-2023
According to a popular crypto analyst, EGRAG Crypto, the XRP market is in the 100 final days before a breakout between September and October. Meanwhile, the analyst expects volatility on either side fueled by high emotions as the legal proceedings approach the end.
During the third quarter, EGRAG Crypto expects XRP price to find crucial support around $0.4570, $0.4250, and $0.42. If the bears rock the crypto market, the analyst expects the XRP support level around $0.3850 to hold.
On the other hand, the analyst expects XRP bulls to expedite notable resistance around $0.48, and $0.50, and major headwinds at 54 and 58 cents.
Although XRP is globally traded as a digital asset like Bitcoin which is considered a commodity, EGRAG Crypto cautioned traders to keep notice of the legal proceedings.
Also Read: XRP Price Might Surge To $3.5 – $10 Amidst Settlements, Relisting, and Ripple IPO
“Judge Torres’s decision could have significant implications for XRP’s price. The outcome of the case might sling-shot the price in either direction, depending on the verdict and subsequent actions,” the analyst noted.
