There are indications that the price of XRP could potentially reach $3, based on a reliable indicator and recent buying trends. The ongoing SEC case against Ripple is nearing its end, which could dispel many doubts surrounding XRP.
Despite the volatile market conditions, there is hope for Ripple’s cryptocurrency, XRP. Recent data from CoinMarketCap reveals that XRP has experienced a 4.4% decline in the past week, but has slightly risen by 0.14% in the last 24 hours. Currently priced at $0.5044, with a market cap of approximately $27.92 billion, the fear and greed index, which measures market sentiment, has fallen into the fear zone at 38%. However, the situation may change in the coming weeks.
Renowned cryptocurrency analyst Milkybull has drawn attention to a “rare” indicator that has accurately predicted XRP’s price changes in 2017, 2018, and 2021. This indicator previously predicted that XRP would reach $1.9, and it came close with a price of $1.79. It now estimates a conservative bullish target for the current cycle between $2.4 and $3.
Further analysis by Santiment shows that XRP’s MVRV ratio is still negative at -2%, indicating a potential buying opportunity. Despite the spike in the NVT ratio, which suggests overvaluation, there has been an increase in exchange outflow and a sharp decline in the token’s supply on markets, indicating strong buying pressure. The presence of whale activity adds complexity to the market dynamics.
In addition to the market conditions, Ripple’s legal battle with the SEC is also reaching its conclusion. Ripple’s Chief Legal Officer, Stuart Alderoty, has stated that the current legal processes are nearly finished. This development could be a game-changer for XRP, removing a significant obstacle that has affected its market performance.
Minor upticks in the money flow index (MFI) and relative strength index (RSI) on the daily chart suggest a potential reversal of the downtrend. However, for XRP to overcome this obstacle and reach $3, it will require more than just positive signs. A strong market reaction and favorable legal news will be crucial factors.
In conclusion, there are promising indicators and recent trends that suggest XRP could potentially reach a price of $3. The impending conclusion of Ripple’s legal case against the SEC could significantly impact XRP’s market performance. However, it remains to be seen how the market will react and whether favorable legal developments will occur.