Ripple on the Rise: Will XRP Price Hit $0.43 Next? Experts Weigh In
The post Ripple on the Rise: Will XRP Price Hit $0.43 Next? Experts Weigh In appeared first on Coinpedia Fintech News
The XRP price has rallied over 5 percent in the past 24 hours to trade around $0.43 on Monday. Unlike Bitcoin and Ethereum, the XRPL native coin is yet to fully recover from FTX and Alameda’s implosion. As such, a breakout from current levels could lead to a rally toward $0.49. Such a move is supported by the 200W MA that has stabilized around $0.50 since XRP hit bottom in June of last year.
However, such a move could be invalidated should the price respect the falling trend line formed in April 2021. As a result, the digital asset could correct towards $0.32, a support level respected since June last year.
According to a popular analyst on Twitter (@PrecisionTrade3), XRP price is moving in correlation with Bitcoin’s price. As such, an imminent Bitcoin correction could push XRP price towards $0.35 in the near term.
#XRP going EXACTLY as planned! The 5th wave still has a target of $.434. This will line up with BTC @ $23.6k. The correction after these 5 waves should bring us down to around $.35. I’ll keep you updated as we form the ABC! #Ripple #XRPL https://t.co/d4qMthhdhv pic.twitter.com/YeXtabAhnP
— TARA (@PrecisionTrade3) January 21, 2023
With a market capitalization of approximately $21,228,377,262 and a daily trading volume of about $1,175,276,611, the XRP market has a long way to enter the top five digital assets. Moreover, Binance’s BNB – ranked fifth by valuation – has a market capitalization double that of XRP and continues to trade in a close correlation with Bitcoin.
As a top traded digital asset, XRP has recorded to tap liquidation of approximately $2.82 million in the past 24 hours according to data by Coinglass. The high liquidation could lead to a price rally as demand for XRP increases on exchanges and OTC markets.
Meanwhile, the ongoing Ripple vs SEC lawsuit remains a huge stumbling block to the XRP price rally. Furthermore, other tokens, including LBRY, already deemed as securities by the SEC have completely failed.
Filed under: Bitcoin - @ January 23, 2023 9:23 am