XRP Keeps Going After the $1.00 Mark, a 25% Profit Is Likely
Ripple XRP Price action is currently stuck between two support levels. However, the upper hand is with the XRP bulls, as the recent uptrend for the coin is in their favor. The token’s price passing the $1.00 mark looks possible in the next weeks.
XRP price saw a solid bounce off the 55-day Simple Moving Average, but the rejection at the $0.86 support level stopped it in its tracks. As both sides clash, expect the token price to dance between support levels. The price could still go either way, depending on several factors, including the developments on the SEC v. Ripple lawsuit and the possible de-escalation of the Ukraine situation.
Despite the notable volatility of the coin, the tailwinds resulting from the global market’s response to the news could push the XRP to reach 25% gains in the coming week. Especially considering how XRP managed to withstand the recent volatility the crypto market went through, it is not unreasonable to expect XRP’s survival.
XRP bulls came in and supported the falling price action last week as the 55-day SMA at $0.75 turned the tables for the token. However, the token was green ascending trend line not ready to allow XRP price action to pass the $0.87 level.
The bullish month for the coin is likely not over yet. The coin’s target for the month is likely $1.00, near the R2 resistance level. With that, XRP bulls are likely to turn the 200-day SMA if they want to undo the death cross and stop the longer-term downtrend for the coin.
On the other hand, if the price of XRP drops below its current level, bearish sentiments for the coin may rise. This will likely push the token to $0.68. However, considering the recent developments in the SEC v. Ripple lawsuit, positive sentiments from the crypto community make this bearish theory unlikely.