XRP Bulls Take Charge, Will It Hit $1 in the Coming Week?
XRP is the top gainer list sored 7% in the previous day to $0.527.
XRP lawyer John Deaton is confident that many people are going to buy XRP.
Prior to the 2022 market catastrophe, Ripple’s native token XRP was one of the most attractive cryptocurrency for investors, but it lost over 70% of its value due to unexpected events in the crypto market and the battles between Ripple and the Securities Exchange Commission (SEC). However, once again, XRP token prices are rising.
In recent times, the price of the XRP coin has skyrocketed and reached about $0.53, while the top cryptocurrencies are experiencing a decline. Also, XRP is the top gainer, jumping 7% in the previous day to $0.527. The spike made its weekly gain over 14% higher.
Ripple’s XRP to the Moon?
The overall outlook for Ripple now appears upbeat, and recent price changes show a bullish trend. Notably, the cryptocurrency has maintained its upward trend while discovering support around both the 100-day and 200-day moving averages (MA).
Further, in the continuing legal battle between Ripple and the SEC, prominent XRP holders’ attorney John Deaton moved one step further and did a price analysis instead of a legal analysis.
Deaton confidently stated that many people are going to buy XRP at a price of $1. More confusing is that many will “FOMO” when the price of the digital asset is at or above $2. FOMO, in crypto terms, is “Fear of Missing Out”. It reflects exactly how many crypto investors infuse funds when they think a token is gaining in price and they would like to get in on the action.
However, at the time of writing, XRP traded at $0.5055 with a 24-hour trading volume of $2.25 billion, which climbed about 65%. Also, the Ripple token price soared by more than 52% year to date.
XRP signals a significant bullish rally as the current price is above the MA. Moreover, the platform was charged by the SEC in 2020, and if the court rules in favour of XRP, the cryptocurrency will probably once again approach $1.
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Filed under: Bitcoin - @ May 31, 2023 1:30 pm