In the second half of 2023, XRP’s price dynamics have become a focus of attention for investors and analysts. The cryptocurrency proved the latest impressive rally, punching through several key resistance levels, though receding somewhat since. Despite the advances made so far, current technical indicators still indicate upward movement may not be done, and objectives are already being discussed at $3. Here’s our full XRP price analysis and price prediction to date. It gives a technical overview of the USDT’s most important support and resistance levels, and the fundamentals that will affect the crypto’s price action in the short-term.
XRP's Recent Price Movements
XRP started the last bullish rally, breaking past the 50-day Exponential Moving Average (EMA) at $2.20. This increase pushed the price up by 4.77%, thereby overcoming the nearest short-term daily resistance of $2.23. This was the first breakout that indicated massive buying demand and a change in market sentiment.
That upward momentum was dealt a minor blow on Tuesday, as XRP fell by less than 1 percent. Even with all these obstacles, the cryptocurrency is holding up under remarkable fortitude. In fact, as of Wednesday, it’s found a new comfortable home just below the $1.80 dollar line.
At the time of writing, XRP has been retesting its previous support (current resistance) at $2.20. What happens with this level and if it can maintain its holding power will be critical in deciding the fate of the subsequent leg of price movement. A strong defense of this support would open the door to a new bullish advance.
Technical Analysis and Potential Targets
Fortunately, the technical outlook for XRP looks very bright, assuming it can hold the $2.20 support level. Should this level hold firm, XRP is set to continue its bullish run. The first major target will be re-testing the March 24 $2.50 high. This threshold would be a major challenge, and a successful breach would likely set off a cascade of more progress.
Past the $2.50 level, the next big hurdle XRP bulls have in their sights is at $3. Getting back to that high-water mark would be a major muscle-over-bone victory from today’s price, and would most definitely drag even more investor attention. The $3 target is based on assuming ongoing positive momentum and generally good market conditions.
The Relative Strength Index (RSI) on the daily is very much in overbought territory at 66. This figure shows some important information about XRP’s likely path. Such a reading suggests that XRP is bullishly entrenched, but it still has not breached overbought conditions. This implies that XRP still has a lot of room for upside potential before approaching significant resistance levels that usually cause corrective pullbacks to appear.
Factors Influencing XRP's Price
Here are a few interrelated factors that may affect XRP’s price over the next few days and weeks. Market sentiment surrounding cryptocurrencies has a significant effect on the level of trading activity. Positive recent news and burgeoning developments often swirl to create a huge wave of buying pressure. Regulatory certainty, or lack thereof, plays a huge role in investor confidence as well.
News or developments involving Ripple Labs, the company behind XRP, may influence the cryptocurrency’s price. Announcements that a US major has signed a crucial partnership, made a technological breakthrough, or won a litigation challenge usually send market sentiment soaring. Any bad press or information about a project will cause prices to drop.
