XRP price analysis reveals Ripple on the move, as XRP crypto swings high, leading the daily gains in a rampage move – what’s going on?
The day started beautifully for the crypto world as green percentages flickered next to and other crypto tickers.
It was about time for this relief bounce in the market, and now people are taking a deep breath after seeing an increase in prices. Let’s dive into another crypto market analysis!
The SEC dropped its claims against Ripple executives at the end of 2023, and finalizing the lawsuit has been a slow progression ever since.
Today, XRP ranks third by market cap with $158 billion and a price of $2.70+. Yesterday, another meeting closed to the public was held to reach some kind of settlement between the SEC and Ripple. In the meantime, the team has kept working and building.
JUST IN: 🇺🇸 SEC acknowledges Grayscale's 19b-4 filing for its spot $XRP ETF.
— Watcher.Guru (@WatcherGuru) February 13, 2025
The work on the ETF continues and it looks like it’s a matter of time before XRP becomes tradable in traditional markets. The internet is full of developments, the same as talking about European adoption and others – Japan. This makes the fundamental case look rather strong.
XRP Price On Rampage: The Benefits (or not) of Hindsight Over Ripple
I want to start with this chart, dating between May 2022 and July 2023 – about a one-year range on the Daily timeframe. We see a clear Rectangle Range as well as perfect reactions around its midrange.
The move in July was triggered by a positive announcement from the XRP court case, which resulted in a massive buy candle. Sometimes, it’s hard to catch these breakouts as they happen. And long traders can often be caught out, longing before a candle closes – and accidentally top buying as seen in April and June, even though during the session it might look like a breakout.
This scammy large candle, in effect, acts to manipulate traders with a false message of ‘the perfect buy signal’.
XRP Price Technical Analysis: Forget Hindsight XRP Shows Future(sight)?
Well, not really… Prices kept dipping for the rest of July and until October 2023, and people lost their positions. Scammed by the market? When in doubt – zoom out!
Patience is one of the hardest qualities to develop in terms of trading. And another whole year is what patience is required for the price to bounce off of midrange for one last time – in July 2024. We have the benefit of hindsight today, now lets try to develop some future sight.
So, on this last chart, we’re looking at the Daily timeframe and price action after the election pump (which is seen on the previous chart). I’ve identified an ascending channel here and an SFP. The trend line held well, and I’m expecting us to visit the top of the channel at around $3.60-$3.70.
There is a clear and strong bounce from the lower trendline of this ascending channel, and the rounded bottom form gives XRP scope good scope to continue pushing high in the short time frame.
Indeed, the RSI indicator remains low in the short time frame—without any signal of overvaluation—reaffirming our upside target at $3.60.
Lower supports remain available at $2.4 and $2 in the event of a breakdown from the channel – overall a seemingly bullish proposition.
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