Is It Time for Ripple (XRP) to Smash the $1 After SEC Case Wins?
Crypto shorts are feeling the burn as massive liquidations hit them in the past 48 hours. The reason? A court ruling that favored Ripple Labs stating that the XRP token is not a security.
So, how did the market react to this news? Well, according to Santiment, the on-chain data provider, the XRP network in the last 24 hours witnessed 637 whale transactions, each valued at $100,000 or more. That’s some serious actions going on.
With all eyes on XRP, the burning question on every investor’s mind is: Will XRP finally break $1?
Let’s go technical for some analysis and also take a look at what would have happened if you had bought XRP at its lowest price before the rally.
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Is XRP Ready to Smash the $1 Mark?
Before delving properly, it’s good to know that technical analysis provides insights into possible price movements, but they are not always right as market conditions and other factors can impact price movements.
From a technical standpoint, XRP could test the key $1 level in the coming days. However, it faces significant resistance that could limit uptrend.
The recent minor correction on July 14 occurred near a resistance, formed by a multiyear horizontal trendline (purple) and a descending trendline ceiling (black).
Another factor to consider is the weekly relative strength index (RSI), which is indicating that XRP has been overbought. An overbought RSI indicates that the asset may be due for a correction or a period of consolidation.
Source: Cointelegraph
If a pullback does occur, XRP price could drop towards existing XRP’s support at around $0.45. This represents a significant decline of 55% from the current market price (CMP) and may serve as a support level during correction.
On the other hand, if the XRP price decisively breaks above the $1 resistance level, its next price target could be $1.35. This level was the resistance during the bull market season from August to December 2021.
Your investment’s worth
Looking back to December 29, 2020 when XRP hit a low point of $0.1748, just a week after the charges were announced. At that time, with $1,000, you could have purchased a whopping 5,720.82 XRP.
The $1,000 investment would be worth $4,701 today at CMP, representing a gain of 370.2%. Pretty amazing right?
If you happen to miss out on the “Giga pump” of XRP, do not fret. The crypto market is full of opportunities, and dwelling on past failures will only hinder your chances of seizing the next.
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