Hand is turning a dice and changes the direction of an arrow symbolizing that the value of the crypto currency Ripple (XRP) is going up (or vice versa)
Ripple price (XRP/USD) is behaving exactly as pointed out in our last XRP price prediction. The coin is attempting a breakout from a symmetrical wedge pattern which can unlock a massive upside. The reclaim of the $25,000 level in Bitcoin price has given the crypto investors a lot of confidence in the ongoing rally.
Nevertheless, despite a bullish Bitcoin price action in the last week, XRP price is still lagging. The reason is the increasing Bitcoin dominance which has now reached 47.7%. This indicates that the money is flowing into the biggest cryptocurrency from other altcoins.
According to the most recent Ripple news, top US exchange, Coinbase is considering relisting XRP if it wins the ongoing Ripple vs SEC lawsuit. The same exchange delisted XRP in 2021 after its founders were sued by the SEC for selling unregistered securities. Since then, Ripple price has underperformed when compared to the rest of the market.
The speculations on the XRP Coinbase relisting started with the recent comments from Coinbase Chief Legal Officer. Paul Grewal shared his views in the latest interview, where he said that the company would start reviewing a relisting as soon as the SEC case is over. However, it will only be in case the outcome is in Ripple Inc.’s favour.
As indicated in our last week’s analysis, XRP/USD chart has formed a symmetrical wedge pattern. This pattern shows sideways price action but often results in much bigger moves in one direction. Only the judgment of the Ripple vs SEC lawsuit can determine the direction of this move. Another key level that is very critical for Ripple price prediction is the 200-moving average on the daily chart.
On Monday, the XRP price is retesting 200-day MA while also attempting a breakout. The price is showing minor gains of 0.39% since yesterday. If it reclaims the 200 MA, then I expect a quick move towards the $0.50 level in the coming days.
This post was last modified on Mar 20, 2023, 12:22 GMT 12:22