For the past several days, the price of XRP has been strongly trending upward as it increased by over 15% to hover around $0.5. The price rapidly fell, but it was still moving strongly in the bullish direction. Although the demand for the well-liked altcoin continues to rocket high, the technical analysis also suggests that the bulls are still holding significant strength.
Since the market crashed in November 2022 as a result of the repercussions from the well-known exchange FTX, the price has not risen over $0.5. In actuality, the price consolidated below $0.4 for a considerable amount of time. The XRP price, however, is strongly suggesting a trend reversal, therefore the trend is likely to alter shortly.
According to a well-known analyst named Dark Defender using the aforementioned chart, the price of XRP has finished a C Wave that has lasted two years, making it ready to reach $0.54.
“XRP in 1Day Update
My Dears, we’ve completed 2 years of C Wave of the Grand Wave 2. We waited to see $0.22 as the lowest point & touched $0.28.
You might ask: is it still the case? No, @ above $0.54
Now, target $0.54 + correction $0.42, then $1.33
Settlement? We’ll C,”
The expert here suggests that the largest driver for increasing the price of XRP may be the resolution of the Ripple v. SEC lawsuit. Recently, the price spiked and nearly reached a high of $0.5 due to settlement speculations. Nonetheless, the price is still hovering around its previous highs and may soon begin a sharp upward trend with the goal of reaching $1 as soon as possible.
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