Regardless of the cryptocurrency market sentiment, the XRP price tends to do its own thing. Even today, Ripple’s asset is showing minor bullish momentum while everything else falls apart. Sustaining this run will be challenging, but confidence in this asset remains high among community members.
Also read: BitTorrent (BTT) Lost More Than Half Its Value in Less Than Two Months
Where Is XRP Headed?
It is difficult to gauge overall market momentum during times like these. All markets seem to suffer from bearish pressure, although some can show temporary recovery signs. Ripple’s XRP is one such market, as it tries to regain some lost momentum. The initial recovery attempt appeared relatively promising, but the momentum peters out very quickly.
Looking beyond the current momentum, it appears there may be further upward price momentum. According to ForecastCity_World, there is a chance XRP will hit $2.6 in the short term. However, if the support level does not hold, a drop to $0.6 isn’t entirely impossible either. For XRP, holding on to the $1.3 support level will prove essential either way.
A more technical analysis by Jazerbay hints at a potential symmetrical triangle forming for XRP/USDT. Again, it is all a matter of remaining above the support line at $1.21. Failure to do so can push prices down further. A retest of $1.39 is certainly possible under the current circumstances. If that level holds, an XRP price bounce to $1.91 may be in the cards.
Twitter Sentiment Remains Bullish
Although Twitter should never be used as a platform for financial advice, there will be plenty of price predictions. For XRP, there are some highly bullish expectations, although meeting them will prove incredibly difficult. TakeProfits expects an all-time high for XRP, which is overly ambitious at best. The current all-time high for this asset is $3.4, which is still 56.3% higher than the current price.
A slightly less outlandish price prediction comes from Julianovsky. It is true that XRP is more resilient than most assets, but expecting something “big” to happen out of the blue may seem a bit strange. A lot will hinge on the ongoing SEC spat, which still looms overhead. From a TA perspective, there is little reason to expect significant price momentum for this asset.
Promising XRP News?
On the news front, there is an update regarding the SEC spat. Although it has not been confirmed as of yet, it appears there may be some settlement shortly. Some sources claim the SEC is on the ropes regarding this lawsuit as of now, although the outcome can still surprise many people. The outcome will prove essential for Ripple’s asset, though.
Even so, the community seems somewhat divided as to whether a settlement can prove beneficial. A plea deal would not necessarily prove Ripple is entirely innocent, yet it can provide the broader industry with some peace of mind. The big question is whether Ripple can operate within the United States after this settlement.
Closing Thoughts
Although it is understandable that some people still want to speculate on the XRP price at this time, no one should expect it to decouple from Bitcoin just yet. There is a lot of bearish market momentum wreaking havoc across the board. Temporary bounces aside, a market-wide recovery will take days, if not weeks, to materialize.
Moreover, there is the looming SEC lawsuit which may finally come to a close soon. Depending on the outcome, the market may note either a bounce or an even bigger retrace. While some expect a new all-time high for Ripple’s asset, there is no guarantee of this happening whatsoever.
JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.
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