After holding steady at around 50 cents for several months, XRP, supported by Ripple, is gearing up for a surge past $1 soon.
This veteran altcoin, known for its utility and used by Ripple in its On-Demand Liquidity (ODL) system, has attracted a notable increase in buyers recently, setting the stage for a bullish breakout. Additionally, the XRP/USD price has consistently followed an upward trend, forming higher highs and higher lows since the start of last year.
Looking Ahead to a Bullish Future for XRP
In recent years, the price movement of XRP has been notably impacted by the prolonged legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple. Despite maintaining its position among the top ten cryptocurrencies by market capitalization, many new crypto investors have directed their attention toward assets perceived to have stronger fundamentals, such as Solana (SOL), Dogecoin (DOGE), and Polkadot (DOT), among others.
However, the outlook for XRP’s price appears promising once the civil trial concludes in the second quarter and Ripple achieves a favorable outcome. With expectations of a positive resolution to the lawsuit, XRP may experience renewed investor confidence and a subsequent bullish trajectory in the market.
XRP Price Eyes Historic Bullish Breakout
After concluding February with a bullish performance, market observers are closely monitoring the weekly close to gauge XRP’s next move. Notably, prominent digital asset analyst Egrag Crypto, known for insights shared on the X platform, suggests that XRP is poised for a significant bullish breakout.
According to the analyst, XRP has maintained a position above the 21 Exponential Moving Average (EMA) since September 2022, indicating sustained positive momentum.
With this momentum in mind, the crypto analyst expresses confidence in XRP’s potential for a robust bull run, targeting a price surge toward the $2 mark in the immediate future. Additionally, the weekly Relative Strength Index (RSI) has crossed above the pivotal 50 level and is trending towards the bullish zone near 70, further supporting the bullish outlook for XRP’s price movement.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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