How XRP's Momentum Might Push Its Price to $1

October 20, 2023 at 02:16 PM GST 2 mins read News

SEC’s withdrawal of charges against Ripple Labs boosts XRP’s price by 6.55%.
XRP’s price action shows a bullish engulfing candle, hinting at potential growth.
Sideline traders eye the $0.55 breakout, potentially driving XRP price to $1.

The crypto community buzzes as the SEC retracts charges against Ripple Labs executives, propelling positive sentiments around XRP’s price. This decision catalyzed a sharp 7% ascent, pushing XRP prices to $0.52, a significant psychological threshold.

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With an impressive over 50% leap year-to-date in 2023, Ripple’s price trajectory has been oscillating between $0.45 and $0.55. However, the broader market recovery and enhanced sentiments hint at a bullish future for Ripple.

XRP (Ripple) Price Prediction 2024 to 2031: Will XRP Price Hit 10X Soon?

The daily XRP price chart reveals a consolidation phase spanning the last three months. This lateral movement recently witnessed a bullish spike, challenging a death cross. The SEC’s decision to drop charges against CEO Brad Garlinghouse and Chairman Chris Larsen further fuels optimism for Ripple’s prospects.

A detailed examination of XRP’s price action shows the bullish engulfing candle surpassing the 200-day EMA. Yet, XRP’s current market value stands at $0.519, reflecting a minor intraday dip of 1.40%, indicating a brief pullback.

This bullish candle counters the previous Ripple trend pullback, amplifying the likelihood of a positive breakout. However, a minor pullback in the daily candle suggests caution. For traders on the sidelines, the $0.55 breakout presents a golden opportunity.

If this momentum persists and XRP stabilizes above $0.70, we might witness a rally pushing its price to $1. On the flip side, any reversal from $0.55 could jeopardize XRP buyers, suggesting a potential 9% decline to $0.46.

Ripple and XRP, bolstered by recent developments, are poised for a transformative journey in the crypto realm. Their trajectory suggests not just growth but a potential redefinition of crypto trading standards, promising a luminous future.