The XRP market is poised for significant volatility as the highly anticipated ruling in the SEC vs Ripple lawsuit looms. While the cryptocurrency witnessed a decline in recent months after an impressive performance in the first quarter of 2023, experts are confident that an upward breakout is on the horizon.
The scale of this price rally will be influenced by fundamental factors and wild speculation. Additionally, the XRP price has reached the final stages of both macro and micro triangle formations.
XRP Price Bullish Outlook
Renowned crypto analyst Ali (Twitter: @ali_charts), based in the United States, has identified a buy signal for the XRP market based on the 3-day chart. However, Ali cautions that for an upward movement towards 51 cents to materialize, the XRP price must maintain support above the 45 cents mark. Should the initial phase of XRP’s bullish trend manifest in the near future, the analyst predicts that a surge towards 60 cents will simply be a breakout away.
Read More: Ripple Vs SEC News: Why Did Judge Torres Delay the Lawsuit Ruling? Pro-XRP Lawyer Answers
Key Levels to Watch
Since May of last year, the XRP daily market has encountered significant resistance at the 54 cents mark. Notably, this level also served as a support level during the 2021 crypto bull market. At present, the XRP weekly market faces pressure from a death cross between the 50 and 200 Moving Averages (MA), potentially leading to a capitulation below the critical support level of approximately 30 cents.
The fate of the breakout ultimately hinges on the forthcoming SEC vs Ripple ruling, which is expected to be announced imminently.
Source: https://coinpedia.org/price-analysis/xrp-price-on-verge-massive-breakout-hitting-0-6-level/