After rising 3 percent in the past 24 hours, the price of XRP encountered resistance at around $0.513, just below the 200 daily moving average (MA). Some crypto analysts are speculating on a possible daily death cross, which could lead to additional panic selling. Nevertheless, there are signs that the Ripple-backed digital asset may be gearing up for a sudden upward move.
Furthermore, there is a strong possibility that U.S. District Judge Analisa Torres will dismiss the SEC’s summary judgment motion regarding the July summary judgment. Additionally, Ripple has expanded its On-Demand Liquidity (ODL) program to more cross-border payment corridors, with the aim of increasing the utility of XRP.
XRP Price Prediction
Dark Defender, a prominent XRP enthusiast, believes that XRP shows significant strength on higher time frames. He also pointed out that the price of XRP is following a macrosymmetric triangle pattern after a recent recovery from the lower limit. The analyst noted that the price of XRP has recently broken out of a short-term structure, potentially paving the way for further gains and crossing the psychological barrier of $1.
As the symmetrical triangle narrows at the edges, Dark Defender highlighted that the upper resistance zone has shifted from $1.33 to around $1.237. If XRP can break through this critical resistance level, the analyst expects the all-time high (ATH) to come into play. However, should further capitulation occur, the crypto analyst foresees a substantial support zone ranging from 39 cents to 46 cents.
