XRP aims for $0.65: Can bulls hit the target this year?

XRP is currently being traded at $0.561. According to bullish speculation, the token is anticipated to transcend that milestone soon and reach $0.65. Amid the legal dispute between Ripple and the SEC, even though the distinction is minor, it may prove to be a difficult nut to split. Despite this, technical indicators continue to bolster optimism and hope for a valuation victory by the conclusion of the current year.

The timeline is pretty practical, considering Bitcoin Halving is on the way, barely 3 months from happening. The pivotal point for XRP remains $0.522 against the fiat currency of the US. The four-hour MACD is losing momentum in the bearish zone, and the four-hour RSI is just above the 50 level.

A total of three support levels have been drafted. That should suffice for the bull run for XRP. These are $0.5550, $0.540, and $0.520. Needless to say, hitting the lowest mark paves the way for a further downfall—potentially for a freefall—despite how the crypto market rolls out in the days to come. The two resistance levels are $0.565 and $0.580. The end goal is to chase $0.65.

The current year is filled with optimism; however, volatility remains at play. The future of XRP backs the milestone to happen sometime in the middle of the year, or as early as in the first quarter

One factor affecting the price movement on the graph, or any graph for that matter, is the legal drift between the Commission and Ripple. The SEC is likely to stretch the battle to 2025. Thereby, it is also delaying the potential upcoming ETF application from Ripple. The US SEC has expressed its concerns with the programmatic sale. Judge Torres ruled that Ripple breached Section 5 of the US Securities Act when selling the token to institutional investors.

The Ripple community declared this a particle win for them. The Commission, on the other hand, understood that it would have to wait for a while to appeal the verdict. The ongoing remedy-related discovery would take a dig into how much Ripple needs to do to rectify its mistakes. Then, the Commission would take a call and jump to the occasion.

Bulls are also aiming for a fresh rise because the Bitcoin ETF has hit the target. It has taken the dominating crypto above the mark of $50,000 at the time of writing this article. It had an impact on the crypto market, with many expecting more ETF applications to go on the table. Ether ETF is likely to be the next, followed by XRP.

Ripple’s XRP is aiming to dance around $0.580 before jumping to a big target. The ultimate goal of $0.65 is achievable if all technical indicators are taken into consideration. Plus, other factors could have an impact as well.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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