Over the past few months, XRP price has established solid support around 50 cents, suggesting that the Ripple-backed XRP price could soon rise above $1. Ripple leverages XRP for its On-Demand Liquidity (ODL), and the established utility altcoin has attracted a large number of buyers in recent months, providing a bullish breakout. Moreover, XRP/USD price has been trending upwards since the beginning of last year, with higher highs and lower lows.
Challenges and Prospects
However, XRP’s price action has been affected by the ongoing lawsuit between the SEC and Ripple. Although XRP has successfully ranked among the top ten most valuable digital assets by market capitalization, most novice crypto investors have been looking for tokens with better fundamentals, such as Solana (SOL), Dogecoin (DOGE), and Polkadot (DOT).
Therefore, the XRP price will see a bullish rally after the civil trial in the second quarter, with Ripple scoring an outstanding victory.
Predictions and opinions
Analysts are optimistic about the XRP price trend. After the XRP price closed February on a bullish note, all attention is on the weekly close to determine the next cause of action. According to Egrag Crypto, a well-known digital asset analyst on the X platform, the XRP price is on the cusp of a historical bullish breakout. In addition, the analyst noted that the XRP price has closed above the 21 EMA for the first time since September 2022.
In summary, it is believed that XRP price will usher in a strong bull run to $2 in the near term. In addition, the weekly relative strength index (RSI) closed above the 50 level and is heading towards the 70 level.
