XRP remains sluggish yet bullish; it only differs in timeline

Given that the current sentiments are more sluggish than they should be, XRP may be a good investment for the long term. Investors’ interest is fading, as evidenced by the 0.13% decline in the last 24 hours, effective at the time of writing this article. For reference, XRP is listed at $0.5196, which further reflects a decline of 1.03% in the last 7 days and 1.87% in the last 30 days.

Open Interest has dipped as well; however, trading volume has surged in the derivatives market of XRP. In other words, there is a sense of uncertainty among investors as some of them look to have short-term engagements. The market cap has taken a hit of 0.17%, while the 24-hour trading volume has surged by 15.66%. XRP is sending mixed signals, but it is safe to assume that the effects will not likely prevail in the long term.

This stems from the predictions of a bull run for XRP. The token is poised to mark an uptick to $0.644522 in the next 5 days and $0.628231 in the next 30 days. An increase in the next 30 days could potentially signal a 20.66% rise. The volatility is under 3%, with the 14-day RSI translating to 47.20. The Fear & Greed Index reflects 73 points under Greed. In the last 30 days, there have been only 43% green trades. The 5-day SMA and the 200-day SMA come to $0.523438 and $0.576284, respectively.

XRP is testing the resistance of $0.51; falling beneath that level could potentially open the doors to a larger number of declines. The speculation regarding the sanction of the Ether ETF is intended to maintain it under control. The approval, according to industry experts and crypto devotees, would serve as a catalyst for the development of additional crypto ETFs. This, in a larger sense, includes XRP ETF. Also, the SEC and Ripple are inching closer to concluding their legal battle, hopefully by the end of this year.

The next immediate resistance levels are at $0.53 and $0.57. The XRP price prediction for the next bull run hints at the possibility of ending the year (2024) at around the dollar mark. First, it is important for XRP to make sure that June witnesses a rise to at least $0.91 or sustains the current momentum of around $0.51.

Bearish scenarios will see XRP consolidate within the range of $0.51 and $0.50. This would not have a large impact, per se, except for those who have a larger number of holdings in their portfolio.

Alternate predictions are that XRP could trigger a rise of more than 800% to surpass the $4 milestone. Needless to say, this is an aggressive prediction that is less likely to happen this year. However, the market appears to be trusting and speculating on a massive bull run in the future. XRP is certainly poised to rise, but limits would be under control unless there is a breakthrough in Ripple versus the SEC legal battle and/or ETF approval.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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