Two bullish factors might propel the XRP price to new heights
Technical and fundamental indicators could indicate that the XRP price is about to jump significantly. On the previous day, it increased by 2% to $0.38. The token’s daily and weekly increases are negligible compared to the bulk of the coins in the top 10. At the time of writing, Ripple’s native token is changing hands at $0.3958.
XRP/USD 4-hour chart | Source: TradingView
The RSI, which offers instant buy and sells indications, can indicate that the price of XRP is currently at a turning point. The daily RSI indicates a balance between bulls and bears because it is only slightly over the neutral 50 mark.
XRP/USD Daily Chart | Source: TradingView
The main players in this conflict, the bulls or the bears, must relinquish their positions. A crucial resistance level for XRP on the upside is the daily MA 200, which has impeded its price since February 20.
If XRP makes a strong move above this important threshold, it might reach as high as $0.433 or $0.50. But, if the $0.399 threshold is not broken, the XRP price may trade in a range before making a substantial move. Conversely, support accumulates around $0.355 to halt potential falls.
The number of new accounts being established each day on the XRP validator website is increasing, according to the data that has been uploaded. The highest growth since early January occurred on March 13, when 2,078 new XRPL addresses were generated.
With the demise of FTX in November 2022, XRPL experienced the highest number of new accounts opened in 12 months. All of this may indicate that there is still interest in XRP and XRP Ledger.
The XRP community also hopes the Ripple case will be successfully resolved, which is anticipated to occur in the first half of 2023.
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