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⭐️ Here’s when the XRP price could hit $0.62
As Ripple Labs nears the conclusion of its legal battle with the U.S. Securities and Exchange Commission (SEC), the cryptocurrency community is closely monitoring the potential impact on XRP‘s price.
With the lawsuit drawing to a close and key economic reports on the horizon, analysts are optimistic that a favorable outcome could push XRP’s price to $0.62.
The culmination of Ripple’s prolonged SEC lawsuit, paired with the upcoming release of the Consumer Price Index (CPI) data on May 15, is poised to play a critical role in shaping XRP’s market valuation.
As stakeholders anticipate the legal resolution and economic indicators, the market is speculatively poised for a shift from the current price range of $0.46 to $0.57, potentially reaching a higher stable level amidst regulatory clarity and economic stimuli.
🔸 Technical analysis and price movements
Currently, XRP trades in a range between $0.46 and $0.57. This price band indicates a delicate equilibrium of supply and demand.
A crucial observation was made on May 7 when XRP’s price dipped below the 20-day exponential moving average (EMA) of $0.52, signaling potential bearish dominance in the market.
The next significant support level is at $0.46, where a robust defense by buyers could stabilize the price and prevent further declines.
For a bullish scenario to emerge, XRP needs to sustain a breakout above the $0.57 resistance level. Such a movement would suggest that the market correction might be concluding, potentially setting the stage for an ascent towards the $0.62 target.
🔸 The role of CPI data in XRP’s price trajectory
The upcoming Consumer Price Index (CPI) report, scheduled for May 15, is another critical factor to consider. Matthew Dixon, CEO of the crypto rating platform Evai, highlights that a weaker-than-expected CPI could act as a catalyst and awaken XRP, which he described as a “sleeping giant.”
XRP has been lagging lately but like many other tokens, weaker CPI next week should awaken the sleeping giant and propel
