XRP Price Prediction as $900 Million Trading Volume Comes In – XRP to the Moon?
XRP, the Ripple payment ecosystem’s native cryptocurrency, was last trading lower by about 1.8% on Friday in the run-up to the release of US jobs data, which analysts have said could cause volatility in cryptocurrency markets should it impact expectations for how much further the US Federal Reserve is going to lift interest rates. XRP/USD was last changing hands close to $0.39 per token and almost bang on its 200-Day Moving Average (DMA). Meanwhile, prices have been able to hold comfortably above the 21DMA in the low $0.38s.
XRP price predictions have been getting more bullish in recent weeks as the cryptocurrency has recovered from its post-FTX collapse lows. Ripple’s native token was last trading up nearly 24% versus these lows around the $0.32 mark. In the last few weeks, XRP has been in an uptrend and seems to have formed an ascending triangle. The ceiling of this triangle is for now the support-turned-resistance around $0.42.
Ascending triangles are typically viewed as a bullish price pattern. XRP/USD bulls will thus be hoping that, in the coming days, XRP can rally back to rest the $0.42 resistance area. A break above here could trigger a quick push above $0.50 and towards the next key area of resistance around $0.51. Whether XRP can surge to the moon will depend on more than just technicals, however.
Ripple may be able to force the SEC to settle its ongoing lawsuit against the firm, by essentially proving that the US regulatory agency had treated the project unfairly compared to other crypto projects like Ethereum. A big legal victory for Ripple could result in a huge cloud of uncertainty being removed for XRP and could lead to a big jump.
According to CoinGecko, XRP’s trading volume across major cryptocurrency
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