The XRP price has shown a 2% increase in the past 24 hours, reaching $0.476333, as the wider cryptocurrency market also experiences gains.
This recent uptick provides some recovery for XRP holders after recent losses. However, XRP remains down 3% in the last seven days and 6.5% in the last 30 days, despite a 40% increase since the start of the year.
The potential for XRP to reach new highs hinges on the outcome of Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC), which is expected to conclude in the coming months.
If Ripple secures a positive judgment or settlement, XRP could witness a significant rally in the following weeks, potentially reaching new milestones in the context of a new bull market.
Indicators Suggest XRP’s Potential Recovery:
XRP’s relative strength index (RSI) has shown an upward trend, rising from under 30 to 50 in recent days, indicating a possible recovery.
Additionally, the 30-day moving average of XRP’s price has reached a potential bottom in relation to its 200-day average, suggesting that the altcoin’s price is likely to start rising again.
The fact that XRP’s price has surpassed its 30-day average suggests a favorable momentum for the altcoin, potentially initiating a rally in the medium term.
Short-Term and Long-Term Outlook for XRP:
In the short term, XRP may target a price of around $0.49 or even $0.50, considering its recent positive movements. However, the current instability in the cryptocurrency market could hinder a sustained rally.
Looking ahead, the long-term prospects for XRP appear promising, particularly due to the approaching conclusion of the Ripple-SEC legal case.
Recent developments, including the release of the Hinman emails, which revealed confusion within the SEC regarding cryptocurrency classification, and favorable court rulings in Ripple’s favor, suggest a potential victory for Ripple.
Such an outcome could trigger a significant rally for XRP, pushing its price to $1 in the weeks following a positive conclusion. Furthermore, in the presence of a robust bull market, XRP could potentially surpass its previous all-time high of $3.40, or even exceed it.