The crypto space is gearing up for one of the most volatile months with multiple events set to impact the value of the majority of the cryptos. XRP price is also believed to rise significantly as the buying volume has intensified to a large extent. The much-awaited judgment of the Ripple vs SEC lawsuit is expected to be produced which may act as the biggest catalyst for the price to propel high.
Ever since the market dropped due to the FTX fiasco, the XRP price has maintained significant strength and recovered most of the losses very quickly. Since then the token is able to hold above the crucial support levels but constantly fails to rise above the pivotal resistance.
However, the current consolidation is expected to prevail for some more time beyond which a gigantic bull run may compel the price to undergo a 5x or 10x rally.
The analyst here predicts the targets for the XRP price which is interestingly in double-digit figures based on the Eliot wave analysis. However, these target levels are believed to be achieved in the next couple of years.
Considering the short-term projection, XRP price is believed to remain extremely volatile as a couple of events are believed to impact the entire crypto space. The upcoming FOMC MoM and the fresh CPI rates are believed to uplift the XRP price to some extent. The XRP price with a slight push towards the north may reach $0.4 and secure levels above $0.44.
Key Points to Note:
Resistance: $0.4
Support : $0.33
MA-50 Day: $0.3722
MA-200 Day: $0.3862
The post appeared first on Coinpedia
