XRP price has printed a green candle alongside other selected cryptos like Bitcoin (BTC), which is up 1.1% and Ethereum (ETH), up 2% on the day. The international money transfer token’s move above $0.30 could be seen as a New Year gift to investors still reeling from the 2022 crypto winter.
XRP Price Mulls Bullish Breakout To $1
The Moving Average Convergence Divergence (MACD) is on its way to flashing a buy signal on the 12-hour time frame chart. Such a positive gesture would manifest with the MACD (line in blue) crossing above the signal line (in red).
Sidelined investors appear to be coming back amidst an optimistic outlook for XRP price in 2023. The token and the cryptocurrency industry might benefit if Ripple wins the case against the United States Securities and Exchange Commission (SEC). Both parties filed their final submission toward the end of 2022, awaiting the final ruling – possibly before the end of Q1 2023.
Ripple has better prospects of emerging as the winner in the lawsuit that has dragged on for more than two years since December 2020. However, the odds of winning could decrease due to the cryptocurrency industry’s recent messy events.
I am talking about the fall of FTX exchange, which revealed a huge regulatory gap in the cryptocurrency industry. Therefore, the government could use the case to show that it is ready to take action to protect investors.
For now, all that investors can do is prepare and position themselves. XRP’s short-term technical affirm that the path with the least resistance is to the upside. Hence a break above $0.35 would call more retail investors into the market.
The move to $1 would require XRP to break above several key hurdles, starting with the stubborn 50-day Exponential Moving Average (EMA) (red) in confluence with the falling dotted trendline at $0.3587.
Further gains to $0.45, $0.55 and $1 will depend on how XRP price deals with resistance at the 100-day EMA (in blue at $0.3746) and the 200-day EMA (in purple) at $0.3990.
According to negheart8, an analyst on Tradingview, XRP is waiting for “one last leg down before going up” if history repeats itself. The analyst presents a weekly time frame outlook on XRP price, as shown below.
Jaydee_757, another analyst, chimed in on the state of XRP via Tradingview, saying it is time to buy, especially with the crypto market in shambles. He reckoned “whales/elites will not miss any opportunities into making money. They simply buy the fear, hype up the market, take profit and crash it again after taking profit.”
“#XRP update! Last year was all about following “UTILITY” tokens posted by “influencers”, and many got REKT! This year, lets ignore them lets follow the technicals! 150 retweets, I’ll post the $XRP/BTC or XRP Dominance chart update! Happy New Years!””
On the other hand, investors must tread cautiously, keeping in mind predictions by other experts from Coinbase. In the market outlook report released on December 20, the analysts said that the crypto winter could last until the end of 2023, with a trend reversal expected in 2024.
On the other hand, XRP price must hold above support at $0.30 to maintain investors’ confidence in the cross-border money remittance token in 2023.