XRP price has been trading with intense bullish influence over the past few days as it jumped over 15% to reach close to $0.5. However, the price quickly slipped down but still maintained a significant bullish momentum. In the meantime, the technicals also suggest that the bulls continue to hold significant strength as the demand for the popular altcoin continues to soar high.
The price has not surged beyond $0.5 since November 2022, when the market collapsed due to the fallout of the popular exchange FTX. In fact, the price remained consolidated below $0.4 for quite a long time. However, the trend is expected to change soon, as the XRP price is signaling strong signs of a trend reversal.
A popular analyst, Dark Defender, referring to the above chart believes that the XRP price has completed 2 years of C Wave and hence is primed to hit $0.54.
“XRP in 1Day Update
My Dears, we’ve completed 2 years of C Wave of the Grand Wave 2. We waited to see $0.22 as the lowest point & touched $0.28.
You might ask: is it still the case? No, @ above $0.54
Now, target $0.54 + correction $0.42, then $1.33
Settlement? We’ll C,”
The analyst here hints at the closure of the Ripple vs SEC lawsuit may be the biggest catalyst to uplift the XRP price. Recently, the rumors of settlement had lit the price high that almost marked the high at $0.5. However, the price continues to remain around the gained levels and hence, could lay down a significant upswing in the coming days aiming to hit $1 at the earliest.
Source: https://coinpedia.org/price-analysis/crypto-price-analysis-top-catalyst-that-may-propel-xrp-price-above-0-5/