Ripple (XRP) Could Reach $0.54 If Support Holds – What’s the Next Target?

Ripple (XRP) has stabilized around the $0.48 price level over the past few days. Following the recent mild recovery in the broader crypto market, XRP showed some bullish signs, slightly increasing by 1% in the early hours of today.

However, the bears remain in charge in the longer timeframe, with XRP declining significantly in the past 30 days. But, despite the prevailing bearish pressure, if the $0.45 support holds strong, we could see a bullish reversal soon.

Ripple (XRP) Recent Price Action

XRP started the month at $0.50, climbing slightly to attain a high of $0.53 on June 05. However, trendline resistance prevented further ascent, with XRP dropping over 15% to $0.45 in less than 48 hours.

Despite this setback, the cryptocurrency showed resilience, bouncing back slightly to hover around $0.52. However, with the bears regaining momentum, XRP plays sideways, down 10% in the past month and attempting to retest the crucial support level at $0.45.

If this Support holds, XRP could potentially move upwards. Conversely, a break below could lead to further declines.

XRP Price Analysis: Short-Term Recovery Signals Amidst Bearish Trends

XRP shows mixed signals across different timeframes, with a bearish daily chart setup. However, an analysis of the hourly chart reveals potential recovery signs.

XRP has formed a double-bottom pattern on the one-hour chart, often suggesting a possible reversal from a downtrend. It might indicate a good buying opportunity for short-term traders.

The asset is also nearing the bearish trendline, confirming the rising bullish sentiment. Furthermore, the red MACD histogram bars are fading, suggesting a decrease in bearish momentum, possibly leading to a trend shift. If bulls apply more pressure, the market might turn green soon.

In the chart above, the Relative Strength Index (RSI) has also improved, moving from around 29 to above 37. This increase suggests growing buying pressure.Moreover, an RSI below 30 indicates oversold conditions, often presenting attractive buying opportunities that could increase demand and drive price.

Despite these positive signs, challenges remain; XRP remains below the 50-day and 200-day Simple Moving Averages (SMA). These indicators suggest an overall bearish sentiment.

Notably, the 50-day SMA at $0.50 may be a resistance level, and XRP needs to break through this barrier for a stronger upward move. If bulls maintain their current momentum, XRP could break above the SMA lines, pushing to the $0.51 level.

Overall, XRP shows potential for recovery in the short term if bullish momentum persists. However, it is advisable to monitor the market to confirm bullish trends before making a move.

Ripple vs SEC: Final Steps Toward Potential Settlement and XRP Price Impact

The Ripple-SEC lawsuit is nearing a crucial phase. Both parties must revise their motions to seal by July 8. This step precedes a court decision, possibly leading to a settlement.

A settlement in Ripple's favor could significantly boost XRP's price. It would remove the legal uncertainty hanging over the asset, attracting more investors and exchange listings.

Moreover, a settlement could affirm XRP's status as a non-security, which would open doors for broader adoption. However, the exact impact depends on the settlement terms.

A clear win for Ripple could trigger a substantial price surge, while a mixed outcome might result in a more modest increase.

Expert Remains Bullish on XRP's Potential

Analyst EGRAG CRYPTO sees a bullish outlook for XRP. His analysis focuses on a possible hammer candlestick forming on the 3-month chart.

Hammer candlesticks often signal trend reversals after price declines and the analyst says XRP has formed this pattern twice before. The first occurrence in 2016 led to a 5,550% price increase, while the second in 2017 resulted in a 1,745% rally to XRP's all-time high.

So, EGRAG CRYPTO believes XRP may be forming another hammer candlestick now. This formation depends on XRP's closing price by June's end.

To confirm this pattern, XRP needs to close above $0.55-$0.58, and if it does, EGRAG predicts two possible scenarios. The most optimistic scenario suggests a 1,744% increase, potentially pushing XRP to $8. His analysis suggests the surge could start in July.

Recall that last month, in May, the same analyst shared another bullish outlook, claiming that Ripple (XRP) could rise to $1.2 or even $1.5. But remember, this prediction relies heavily on technical analysis, and nothing is certain yet.

XRP Alternative: WienerAi ($WAI) Meme Coin Fetches $6 Million in Presale

WienerAI, an upcoming AI-powered meme coin, is making waves, raising over $6 million in its ongoing presale. However, the presale may end soon as $WAI is only a few inches from its fundraising target.

Unlike meme coins like DOGE, which lacks real-world use cases, WienerAI has one. The project taps into the growing AI and crypto market, aiming to make crypto trading more accessible and efficient.Moreover, its cute Wiener dog mascot and powerful AI features offer a unique blend of fun and utility.

WienerAI ($WAI) stands out with its AI-powered trading bot, which helps users find the best trading opportunities and provides detailed analysis and recommendations. This innovative use case is one of the reasons investors are flooding in to avoid missing out.

Also, the platform is user-friendly and easily accessible for new and experienced traders. Users can easily execute trades and monitor investments. Currently, $WAI tokens are selling for $0.000722 in the presale, and the price is expected to increase in the next 24 hours.

WienerAI plans to list on major exchanges in the future, introducing the token to a broader audience and potentially boosting its value. To become part of the project, visit its main presale website and follow the instructions.

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