XRP Price Prediction as XRP Seeks to Breach $0.55 Level – Is the Path to $1 by End of 2023 Clear?
The XRP price has dipped by 0.5% in the past 24 hours, as cryptocurrency and financial markets continue to be undermined by rising bond yields and wider economic instability.
XRP remains up by 2% in the past week, however, as well as by 4% in the last 30 days, following this week's good news that Judge Analisa Torres has denied the SEC's bid to appeal against her July ruling in the regulator's case against Ripple.
As such, XRP remains up by 53% since the beginning of the year, with the coin's ongoing medium-term momentum likely to help it rally again in the coming days and weeks.
XRP's relative strength index (purple) has stabilized around the 50 mark, meaning that it has stopped falling and could be about to bounce back up again towards 70 or higher, meaning more price rises.
At the same time, XRP's 30-day moving average (yellow) has begun climbing very gently towards its 200-day average (blue), a move which suggests that the altcoin is due to rebound very soon.
As with many other major tokens, XRP's support level (green) has risen consistently since early September, creating the impression that it has mostly done falling for the year and should begin rising as 2023 draws to a close.
How far XRP will rise will depend on its ability to crack the $0.55 resistance level, although the coin's undervaluation right now should mean that it achieves this soon enough.
Such an analysis is also supported by recent happenings related to XRP, with this week's decision from Judge Analisa Torres providing a big win for Ripple and big setback for the SEC.
Specifically, Torres dismissed the SEC's request to appeal her ruling that Ripple's programmatic sales of XRP were not securities.
The federal judge said in her latest decision that there's no
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