The Ripple-backed XRP market continued its impressive rally during early Asian trading hours on Monday. According to the latest crypto market data, XRP is trading at about $0.538, representing an increase of about 3 percent in the past 24 hours. These significant gains in the XRP market have rejuvenated bullish sentiment, especially as the SEC vs Ripple case approaches its final phase.
For the first time since April 2021, XRP price broke out of a descending logarithmic trend, pointing to possible upside gains in the coming days. In addition, the 59 and 200 MAs (moving averages) on a weekly basis have now become significant levels of support, despite previous pressure from a death cross.
Presenting the most important #XRP achieve to pay attention along with my bull and bear goals
As long as $XRP is less than $0.58, then $0.3 and $0.17 are likely to be visited first before the price rises
Alternatively, breaking $0.58 leads to $1 and $1.94 in range#XRPCommunity pic.twitter.com/EqyHXcCU96
— LE₿ C®️YPTO (@leb_crypto) June 4, 2023
In terms of short-term price targets, a popular crypto analyst and trader on Twitter, @Leb_Crypto, identifies the $0.58 level as a key point of resistance that could lead to substantial volatility if breached. The analyst notes that if the bulls manage to surpass this level, the XRP price could rise to USD 1.94. However, the analyst also cautions traders to be wary of bears in the near term, as a drop to $0.17 is likely if $0.58 proves to be a significant level of resistance.
Also Read: Ripple vs. SEC Lawsuit: Pro-XRP Lawyer Tips 25% Chance of Ripple Victory
A crucial factor that will have a major impact on XRP is the ongoing SEC vs Ripple lawsuit. Despite the widespread adoption of XRP outside the United States, a ruling in favor of SEC Chairman Gary Gensler, who argues that XRP is a security, would have profound implications for the asset.
