After building solid support around 50 cents over the past few months, the price of Ripple-backed XRP is poised to bounce back above $1 soon. The veteran utility altcoin, which Ripple leverages on-demand liquidity (ODL), has amassed significant buyers in recent months to ensure a bullish breakout. Moreover, the price of XRP/USD has been trending upward through highs and lows since early last year.
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Over the past few years, the ongoing SEC vs. Ripple lawsuit has dampened XRP price action significantly. While XRP remains one of the top 10 most valuable digital assets by market capitalization, most novice cryptocurrency investors are looking to leverage coins with better fundamentals, especially Solana (SOL), Dogecoin (DOGE), and Polkadot (DOT). I have done it.
As a result, the price of
Analyst Views on XRP Price Action
After the price of XRP closed February on a strong note, all attention is turning to the weekly close to determine the next cause of action. According to Egrag Crypto, a renowned digital asset analyst on the X platform, the price of XRP is on the cusp of a historic bullish breakout. The analyst also pointed out that the XRP price has closed above the 21 EMA since September 2022.
As a result, the cryptocurrency analyst is confident that the price of XRP will show strong strength towards $2 in the near term. Moreover, the weekly Relative Strength Index (RSI) closed above the 50 level en route to the 70 level.