Speculations Around Legal Win Boosts XRP Price Closer To $0.70!
The post Speculations Around Legal Win Boosts XRP Price Closer To $0.70! appeared first on Coinpedia Fintech News
The famous legal case between SEC and Ripple can finally end as the speculations rise up for a final verdict today. Driving the XRP price closer to $0.70 after four months of pullback, the sentiments-based rally ignites a new bull run.
On Sunday, attorney and partner at Hogan & Hogan Jeremy Hogan gave clarity on the potential $770 Million penalty for the XRP token illegal sales. He tweeted, “In conclusion, $770 million is NOT going to be $770 million, but something much less.” providing a sentiment boost for XRP HODLers.
Moreover, the Ripple price prediction teases a new 2023 high of $1.
Ripple Price Analysis
In the 1-Day chart, the XRP price showcases a dramatic trend reversal to avoid a death cross. Crossing above the pullback trendline, the reversal from $0.45 gains momentum with the improving market conditions.
Forming a rounding bottom pattern, the trendline breakout rally is close to $0.70, and the neckline is at $0.71. Further, to support the bullish reversal and reflect a high demand, the strong bullish engulfing candles dominate the price chart.
With a 42% jump in the last 25 days, multiple bullish catalysts continue to fuel the reversal trend. Moreover, it may soon help the XRP price reach the psychological mark of $1. Currently, the altcoin price is trading at $0.6780 with an intraday growth of 2.01%, reflecting no signs of weakness in trend momentum.
Technical Indicators:
MACD indicator: The MACD and signal lines continue positively with a growing bullish gap. Thus, the momentum indicator shows a growth in bullish trend momentum. Further, the bullish histograms are on the rise.
EMA: The rising 50-day EMA increases the bullish gap from the 200-day EMA and increases the uptrend possibility.
Will The XRP Price Reach $1?
With the bullish sentiments rising for the XRP price, Ripple may soon win the legal case and refuel the trend momentum. Moreover, the rounding bottom forming with a neckline at $0.71 shows the potential to catapult the price to $1.
Further, on a positive note, the bull run above $1 can reach the next target at $1.21, accounting for a 21% hike.
Conversely, a reversal from $0.70 can result in a price fall to the $0.60 mark.
Filed under: Bitcoin - @ November 6, 2023 6:04 am