XRP creates a conducive scenario for a positive breakout!

The first thought that pops into investors’ minds while thinking of XRP is the SEC lawsuit and its impact on the cryptocurrency space. XRP has already made a decent comeback from its August 2022 lows, but further uptrend possibilities are limited with back-to-back resistances on their way.

One of the common queries by buyers and enthusiasts is the lower buying on XRP despite its rumored capabilities to take over world payment systems. Despite buying from elites being a driving factor for meme coins, XRP is also getting its share of huge volume wallet holders. 

XRP has just hit a milestone, with most wallets holding more than 1,000,000 XRP tokens. It takes over $450,000 as of today’s prices to accumulate and hold 1,000,000 XRP. It can easily be presumed that the big whales are accumulating.

Down the road, enthusiasts know that the whole ecosystem is going, and they’re looking at XRP from a risk-reward basis. Getting XRP token for under $0.50 right now, even if it were only to move to $0.90, would be a 100% profit.

After the SEC lawsuit settles and XRP gets relisted on the major exchanges, XRP could jump to its all-time high values at the least. Such gains could even become a catalyst for the next crypto bull market. It will create a wildfire, which is one of the reasons for sudden buying sprees on XRP.

XRP price action has maintained a close position concerning the regression trend of the last month. The prices are generically trading near the baseline with strong support from $0.44, while the resistance for XRP has shifted from $0.53 to $0.50. The sudden increase in transaction volumes despite a consolidative movement indicates massive buying and hoarding of XRP tokens before positive news forces a price action breakout.

The price action candles for XRP have mostly been fighting the profit booking waves since they attempted to surpass $0.53 in October 2022. The outlook for XRP for the current movements seems to be constrained in a narrow zone between the levels of 100 and 200 days exponential moving average.

Of the price movement, support of $0.44 plays a crucial role in resisting further decline of XRP to new lows. Other than $0.44, 100 EMA supports the price movement in an uptrend.

The technical indicators, on the other hand, be it RSI or MACD, are indicating the beginning of a new swing soon. MACD’s return to the bearish zone with the crossover set to happen in the next few days indicates the beginning of a new swing sooner. RSI has been showcasing a neutral stance, with 47 on the charts. 

Weekly charts showcase a neutral price movement with buyers readily supporting from lower levels that can be confirmed by the presence of longer wicks at the bottom levels. Similarly, the upper levels are also creating wicks, but candles are turning red, which confirms stronger resistance at the peak levels. XRP has maintained a positive trajectory in the last two months, which can continue till it reaches the first psychological level of $1.