XRP Price Up 2% in 24 Hours – Can XRP Reach $10 in 2023?
The XRP price has risen by 2% in the past 24 hours, reaching $0.476333 as the wider cryptocurrency market gains by the same percentage today.
Today's increase goes part of the way towards compensating XRP holders for recent losses, yet the altcoin remains 3% down in the last seven days and 6.5% down in the last 30, although it has risen by 40% since the beginning of the year.
Such a recovery has been achieved largely because of the progress Ripple has made in its legal battle with the SEC, which is likely to end within the next few months.
And if Ripple does secure a positive summary judgment or settlement, then XRP may enjoy a massive rally in the following weeks, potentially rising to new highs in the context of a new bull market.
XRP's indicators suggest that the altcoin could be close to staging a recovery, with its relative strength index (purple) rising from under 30 a couple of days to 50 today.
At the same time, XRP's 30-day moving average (yellow) has reached what looks like a bottom in relation to its 200-day average (blue), implying that it and the coin's price is likely to begin rising again.
Indeed, the fact that XRP's price has risen above its 30-day average would suggest that momentum is now moving in the altcoin's favor, and that it may have just begun a rally that could last into the medium term.
This would suggest a short-term XRP price target of around $0.49 or even $0.50, although the unstable condition of the cryptocurrency market at the moment may stop any potential rally before it really gets into gear.
Still, the longer term picture for XRP looks more promising, with the aforementioned Ripple-SEC legal case nearing its conclusion.
More importantly, the past few weeks have brought a number of developments
Read more on cryptonews.com
