Ripple XRP Soars By 4%, Will it Claim New Highs as New Betting Tokens Target 10X Gains?
Ripple's native asset, XRP, is on the move to orbit again. Many think this ongoing rally consolidates the previous one that occurred following the court's ruling in favour of Ripple in the SEC lawsuit.
Although the previous rally did not last, and XRP fell almost as quickly as it rose, investors are still optimistic about the token's future.
Moreover, some popular figures in the crypto space are still bullish on the coin. Some predict the coin will reach $22 by the next bullish rally. But currently, XRP has managed to cross $0.5, and it looks like it is targeting $1 in the coming days.
XRP Ready For 1,500% vs BTC As Tether Partners With FBI & Secret Service!https://t.co/jRGRvwnRtw
- Zach Rector (@ZachRector7) December 17, 2023
However, this new betting token in the market is making big moves, giving investors hope for impressive 10x profits.
XRP Price ActionXRP started in November around $0.48 after some weeks of moving sideways. But suddenly, a massive rally exploded out of nowhere, causing XRP price to climb to a high of $0.78.
This occurred between November 7 and 10.Many people were happy with this pump after waiting a long while for XRP to wake from its slumber.
After peaking above $0.7 from $0.486 in early November, XRP cooled off and went back down to $0.6 in mid-November, oscillating within that range. Several community members were upset that the token didn't rise at the same pace as the broader crypto market.
However, the moderate gains recorded today, December 19, have renewed optimism among investors and show there's still hope for XRP to reach the $1 mark.
It seems investor optimism is still high following the moderate November spike, as many anticipate the big move. Notably, despite the ups and downs, XRP is still up by more than 77% in 2023 so far. As of now, 09:00 a.m. EST, XRP is exchanged for $0.605 with a trading volume of $1 billion.
XRP Price Prognosis: XRP Found Support Above 200-day SMA - What's Next?
Currently, it has found support above its 200-day SMA line, which is a positive sign. But from what we see on the chart, the coin is still under the 50-day line, which is acting as resistance.
If XRP breaks south through the 200-day, it could fall toward the next potential floor around $0.43.
The bulls need to hold this area to prevent XRP from tumbling further. But if the bulls stay weak, the price might crack below $0.43, too, and that would send a bad signal to investors.
They may see XRP as bad for business, a sentiment that could trigger further dips.
However, if XRP keeps trading above the 200-day line, more buyers may eventually jump in. This would then give the Bulls enough power to smash that stubborn 50-day sma.
For now, we expect choppy consolidation between $0.43 to $0.50. Either way, a decisive breakout from this range should set the stage for XRP's next major move.
Experts Still Believe in XRPRecently, there have been some bullish predictions for the price of Ripple. Firstly, crypto analyst Cryptoinsightuk made a bullish prediction for XRP. According to his X post on December 17, XRP will likely increase by 1,500%.
He added that for it to achieve this, the coin needs to break a strong resistance, which he titled Gray box." The sweet part of all this is that it will all happen this year.
Adding to this bullish sentiment, another analyst known as Dark Defender shared his view on XRP. He envisions XRP crossing $1 before the new year.
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