Will $XRP Regain $1 by 2023 End?

XRP Price Prediction: Amid the Bitcoin price retracement towards the $36,000 level, the XRP price has dipped to re-examine the $0.64 zone, which is deemed a key demand area. The digital currency presently hovers within a certain supply threshold, yet there’s an anticipation of an upward trajectory post the SEC litigation’s final decision.

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Should you Enter at $0.65 Dip?

• A minor pullback to $0.65 could recuperate the exhausted bullish momentum.
• Under the influence of the cup and handle pattern bullish recovery pattern, the coin price should rise to $0.93 resistance for a bullish breakout.
• The intraday trading volume in the XRP is $3.5 Billion, indicating a 242% gain.

Source- Tradingview

Following a bullish reversal from the $0.46 level, the XRP price witnessed a recovery rally to $0.75, fueled by swift progress in the SEC lawsuit and a broader market resurgence.

The price reclaiming the $0.65 level has prompted a re-evaluation phase, characterized by several Doji candles in the previous week. However, buyers are retaining control of the trend, hinting at a cup and handle pattern on the daily chart. This bullish reversal pattern gives a clear transition from downtrend to uptrend as an asset witnesses bottom accumulation.

The XRP is currently priced at $0.66, drawing support from the $0.65 zone, though it has seen a minor daily decrease of 0.96%. The pullback diminishing trajectory suggests a dampening of selling pressure and hints at a potential bullish reversal.

Potential to Hit $1?

As the market’s rebound takes a brief pause, the XRP price exhibits signs of optimism, notably through the ‘cup and handle’ pattern. The presence of Doji candles at the $0.65 benchmark suggests a forthcoming bullish pivot for this altcoin price.

Should the recovery rally surpass the $0.75 threshold and maintain the bullish pattern, the surge could extend to the $1 mark.

Conversely, a fall below $0.65 may precipitate a decline to the $0.52 level.

• Bollinger band: An upswing in the upper boundary of the Bollinger band reflects the bullish momentum is still active.
• Relative Strength Index: The RSI slope has momentarily dipped below the overbought territory, aligning with a lateral movement trend. Nonetheless, at 66%, this indicator still projects a strong bullish bias.