XRP Price Could Reach $0.60 in Coming Weeks, but Watch for Support at $0.38
Since the start of November, XRP price has mostly traded within the narrow price margins of between $0.33 and $0.41. However, despite the continued trading within the narrow margins, the XRP price has surged by more than 20 percent year-to-date, partly because of its opening price being near the lower limit of the narrow price margins it has traded for months.
Why has the XRP price struggled for Months?
Part of the reason we have seen XRP struggle throughout the past few months has been partly due to the Ripple Vs. SEC case. In December 2020, SEC sued Ripple claiming the sale of the XRP tokens constituted an offering of unregistered securities worth $1.38 billion. SEC also named the platform’s CEO, Bradley Garlinghouse and Executive Chairman, Chris Larsen, as co-defendants in the case.
Two years since the start of the case, the two entities have struggled to reach an out-of-court agreement. The delay in judgment has also played significant part in its failure to establish a trend for the past few months, as investors avoid the project in fear that the decision might go against the platform.
XRP Price Forecast
However, despite the ongoing case, the price action of the chart below indicates that we might start to see XRP price trading above the $0.45 price level, a level it has not hit since November 8. This is based on the current price action that has seen its price bounce from the $0.33 support level at the start of the year and hit and trade above the $0.41 resistance level.
Technical indicators such as the RSI and the Williams Alligator also continue to signal that we might continue to see the current bullish continue for the long term. Therefore, my XRP price forecast for the next few trading sessions expects it to continue pushing to the upside. There is a high likelihood that we might see it trade above $0.50.
For the long-term, there is a high likelihood we might see XRP price surging and trade above $0.60 in the coming weeks. However, a drop below $0.38 price level will invalidate my bullish analysis.
Daily Chart
