XRP Gears Up for Significant Move, Here Are Two Positive Triggers to Watch

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The sixth largest cryp­tocur­ren­cy, XRP, might be on the cusp of a major move, tech­ni­cal and fun­da­men­tal fac­tors might suggest.

At the time of writ­ing, XRP was up 1.78% in the last 24 hours at $0.38. The token pales in dai­ly and week­ly gains com­pared to the major­i­ty of the cryp­tocur­ren­cies in the top 10.

TradingView
XRP/USD Dai­ly Chart, Cour­tesy: Trad­ingView

Bit­coin and Ethereum, for instance, are up 36.17% and 26.15% in the past sev­en days, while XRP is only up 5.22% weekly.

Here are possible triggers for XRP price:

Technical triggers

The RSI, which pro­vides short-term buy and sell sig­nals, might sug­gest that the XRP price is cur­rent­ly at a crossroads.

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The dai­ly RSI is slight­ly above the neu­tral 50 lev­el, which sug­gests a bal­ance between bulls and bears. Either the bulls or the bears must now relin­quish their posi­tions at the heart of this struggle.

On the upside, XRP con­fronts a key bar­ri­er at $0.399, or the dai­ly MA 200, which has ham­pered its price since Feb. 20.

A sol­id move above this key bar­ri­er might pro­pel XRP as high as $0.433 or even $0.50. That said, a fail­ure to breach the $0.399 mark might result in range trad­ing for the XRP price before a sig­nif­i­cant move.

On the oth­er hand, sup­port seems to be build­ing in the $0.355 range to pre­vent pos­si­ble declines.

Fundamental triggers

Accord­ing to data post­ed by the XRP val­ida­tor web­site, XRPL is see­ing a nice increase in the num­ber of new accounts cre­at­ed dai­ly. A total of 2,078 new XRPL address­es were cre­at­ed on March 13, which remains the biggest increase since ear­ly January.

In Novem­ber 2022, short­ly after the FTX col­lapse, XRPL saw the largest num­ber of new accounts cre­at­ed with­in the space of 12 months. All this might sug­gest that inter­est remains in XRP and XRP Ledger.

The XRP com­mu­ni­ty is also opti­mistic that the Rip­ple law­suit would be resolved favor­ably, which, accord­ing to pro­jec­tions, might hap­pen in the first half of 2023.

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