XRP is bullish: Will it finally recover its losses in 2023?

XRP is an altcoin that did not perform well in the last few years because of its lawsuit against the SEC, but the case will be resolved in the first half of 2023, and crypto enthusiasts are optimistic about Ripple’s journey in the next few years. 

XRP PRICE CHARTAt the time of writing this post, XRP was trading around $0.4, down by more than 3% in the last 24 hours. Still, it is a good time for short-term investment. Candlesticks are forming higher highs in the upper Bollinger Bands, suggesting it will regain the previous resistance within the next few weeks.

MACD is forming green histograms, and RSI is around 58, which suggests a continuation of this short-term uptrend. However, there are equal chances of profit booking around the resistance. Click here to know the right time of investment to gain maximum profits from your investment.

XRP PRICE ANALYSISOn the weekly chart, XRP candlesticks are forming in the lower Bollinger Bands with an inverted bullish hammer around the baseline that reflects a consolidation or downtrend for the long term. If XRP breaks the immediate support, $0.33 will be a stronger support, and we cannot predict the long-term timeframe as bearish until it breaks $0.33. 

However, it can be an ideal time to invest in XRP because Ripple’s CEO said they are reaching the final stage of the conclusion against the SEC’s lawsuit. So the XRP price will surge when the judgment comes in their favor.

If you are a long-term investor, you need to wait for a few months before investing, but it could be time to accumulate XRP in your portfolio. In 2023, you will notice volatility in crypto markets, and the XRP price may go as high as $1. However, it is time to analyze your crypto portfolio closely and invest in the right opportunity.

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.

Related Articles

Back to top button