With the SEC withdrawing charges against the Ripple Labs executives, the positive sentiments around the XRP price skyrockets. Leading to a sharp 6.55% jump, the XRP prices jumped to $0.52 to reclaim the psychological mark.
With a 52% year-to-date jump in 2023, the Ripple trend action moves in a larger sideways stroll within $0.46 and $0.55. Nevertheless, the market-wide recovery and improving sentiments paint a bullish Ripple price prediction.
In the daily chart, the XRP price displays a sideways trend, making a consolidation range over the past three months. The lateral trend shows a sharp bullish spike leading to a death cross to test the crossover.
Moreover, with the SEC abandoning charges against Chief Executive Brad Garlinghouse and Chairman Chris Larsen, a hopium rally is in order for Ripple.
Taking a closer look at the XRP price action, the bullish engulfing candle exceeds the 200-day EMA. However, the current market value of XRP is $0.51243, with an intraday fall of 1.37%, showcasing a short pullback in motion.
Technical Indicators:
RSI indicator: The daily RSI line mimics the sharp spike in Ripple and crosses the halfway line. Therefore, the momentum indicator shows a high speed bullish phase with increasing chances of prolonged continuation.
Exponential moving averages: The death cross between the 50-day and 200-day EMA may soon reverse to regain positive alignment as the price jump sustains.
Will Ripple (XRP) Price Cross Above $0.55?
With the bullish engulfing candle undermining the previous pullback in the Ripple trend, the range’s chances of an upside breakout increase. Meanwhile, the short pullback in the daily candle warns otherwise.
Nevertheless, the sideline traders will find a lucrative entry point at the $0.55 breakout. In such a case, the breakout rally can drive the XRP price to $1 if it sustains above $0.70.
Conversely, a reversal from $0.55 will put the XRP buyers at risk and hint at a 9% drop to $0.46.
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