Bulls are trying to drive up the price of XRP; will Ripple's token soon reclaim $0.40?
Despite the market's uncertainty, XRP bulls appear to have regained momentum as they aim for new price levels. Notably, XRP bears seemed in control at the beginning of the week as the asset reacted to the fallout from the FTX cryptocurrency exchange crisis.
XRP is currently trading at $0.38 and has increased by almost 10% over the past week despite the Securities Exchange Commission's (SEC) case not progressing favorably.
The latest gain in the asset can be attributed to remarks made by Ripple CEO Brad Garlinghouse, even though the cryptocurrency had maintained a rally in previous weeks. Garlinghouse claims that FTX-owned businesses that cater to business clients may be of interest to Ripple.
This follows the executive's admission that FTX's former CEO, Sam Bankman-Fried, contacted him two days before the company's filing for bankruptcy to devise a rescue strategy. "Part of my conversation was if he needs liquidity, maybe there’s businesses that he has bought or he has that we would want to own […] Would we have bought some of those from him? I definitely think that was on the table," he said.
Along with the Garlinghouse remarks, the favorable development in the SEC case has contributed to XRP's bullish momentum. For instance, after the presiding judge approved amici briefs in support of Ripple, the token increased by about 10%.
According to XRP price analysis, the market cap-seventh-ranked cryptocurrency is on a bullish trendline. It's noteworthy that the bulls have debunked the bearish trend that partly resulted from the FTX exchange crisis.
At the price that it is at right now, XRP has surpassed the $0.38 resistance level. XRP must hold onto the $0.38 level to move toward $0.40. Additionally, passing the critical $0.39 position would indicate a breakout session for the asset.
XRP will form a new resistance position at $0.40 if the bulls maintain their gains as they aim for $0.45. On the other hand, XRP could find support at $0.35 if it cannot hold onto gains at $0.38.
XRP is aiming for $0.40, which is in line with what the token's user base has predicted. By December 31, 2022, the XRP community on CoinMarketCap predicted that the token would trade at $0.4.
Additionally, the technical analysis of XRP is still bearish. The summary advises selling at 15, while the moving averages suggest a "strong sell" at 13. Additionally, oscillators are for "sell" at two.
Notably, analysts continue to maintain that the outcome of the SEC case will be positive for XRP and that it is still a critical factor in the currency's future. Despite the bullish outlook, it's important to remember that XRP is susceptible to current market conditions.
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