XRP price showed a green candle alongside other select cryptocurrencies such as Bitcoin (BTC) up 1.1% and Ethereum (ETH) up 2% on the day. The international money transfer token’s surge above $0.30 could be seen as a New Year’s gift for investors still recovering from the crypto winter of 2022.
XRP price considering a bullish breakout at $1
The Moving Average Convergence Divergence (MACD) is about to show a buy signal on the 12-hour chart. Such a positive move would manifest as the MACD (blue line) crossing the signal line (red).
Withdrawn investors appear to be returning amid a bullish outlook for the price of XRP in 2023. The token and the cryptocurrency industry could benefit if Ripple wins the lawsuit against the US Securities and Exchange Commission (SEC). United. Both parties filed their final case towards the end of 2022 and are awaiting final judgment – potentially before the end of the first quarter of 2023.
Ripple has a better chance of winning the legal battle that has been going on for more than two years since December 2020. However, due to recent chaotic events in the cryptocurrency industry, the odds of winning may decrease.
I am talking about the case of the FTX exchange, which revealed a major regulatory gap in the cryptocurrency industry. Therefore, the government could use the case to show that it is prepared to take action to protect investors.
For now, all investors can do is prepare and position themselves. XRP’s short-term technicals confirm that the path of least resistance is on the upside. Therefore, a break above $0.35 would draw more retail investors into the market.
For a rally to $1, XRP would need to clear several key hurdles, starting with the persistent 50-day EMA (red), which coincides with the dashed trendline down at $0.3587.
Further gains at $0.45, $0.55 and $1 will depend on how XRP price encounters resistance at the 100-day EMA (in blue at $0.3746) and the 200 EMA days (in purple) at $0.3990.
According to negheart8, an analyst at Tradingview, if history repeats itself, XRP is waiting for “one last step before going back up”. The analyst provides a weekly outlook on the price of XRP, as shown below.
Another analyst, Jaydee_757, chimed in on the state of XRP via Tradingview, saying it’s time to buy, especially with the crypto market in shambles. He opined that “whales/elite won’t miss any opportunity to make money. They just buy fear, drive the market up, take profits, and crush it again after taking profits.”
On the other hand, investors should be careful and heed the predictions of other Coinbase experts. In the market outlook report published on December 20, analysts said that the crypto winter could last until the end of 2023, with a trend reversal expected in 2024.
On the other hand, the price of XRP needs to hold above the $0.30 support to maintain investor confidence in the cross-border money transfer token in 2023.