XRP is currently at $0.3899 as a result of recent positive external developments. according to CoinGeckoRipple’s native token is up 12% in the weekly and bi-weekly time frames.
Positive news is made in the US Securities and Exchange Commission (SEC) vs which started again in December 2020. Just last month, Ripple was given a small victory because the SEC was ordered by a judge to hand over the Hinman document that details the SEC director’s previous speech saying that Ethereum is not a security.
With Ripple CEO Brad Garlinghouse cautiously optimistic about the current crypto climate, can the XRP bull hit its $1 target?
Send Ripple in the Market
XRP has maintained its position in the hearts of many investors. Binance data shows that the token remains the 5 most traded on the platform behind BNB and above BUSD.
Image: Binance
The pope also joined the party. According to whale tracker WhaleStats, the token is also in the top 100 most traded. This increase in whale and market activity is definitely a sign that XRP is recovering from previous market lows.
With lawsuits come to an lastXRP has the luxury of targeting higher prices for the foreseeable future.
🐳 4000 is the highest #BSC the whales were hodling
$63,784,004 $LYO
$29,874,257 $SFP
$27,695,801 $XRP
$20,945,818 $USDZ
$20,519,180 $ BAL
$15,328,126 $MATIC
$14,681,276 $ Cake
$11,255,718 $MBOXPope rankings 👇https://t.co/CnPsLVmRmh pic.twitter.com/I2ww8aqERV
– WhaleStats – BSC’s 1000 richest list (@WhaleStatsBSC) January 18, 2023
$1 Target: Hittable or Delusional?
At the time of writing, the token has been stuck at the current support at $0.3845 indicating a struggle between bears and bulls. With the bears retesting the support, XRP may suffer some short-term pain as the bulls try their best to reach the $1 mark.
The price of the token will also be determined if the company wins the lawsuit. If Ripple wins, XRP will react positively and it will do the opposite if it loses the lawsuit. But with Ripple having a good chance to win, positive market sentiment will make the token rise in price.
XRP total market cap at $19.7 billion on the daily chart | Chart: TradingView.com
However, the current support range has been continuously tested by the bears since January 15. Even with a high correlation with Bitcoin – which recently broke through an important resistance level – it may not be as good as other altcoins in the market.
Compared for the top gainers among the top 100 cryptocurrencies, XRP gains are significantly lower at the same time. Investors and traders should keep an eye on the lawsuit as it will have a significant impact on the price of XRP.
Short-term, XRP presents a good short-term opportunity as the price can break the current support at any time.
Featured image by The Market Periodical