The native coin of Ripple, XRP, is in an uptrend because of the market hype due to a long-drawn battle between SEC and Ripple for conducting an unregulated security sale with the XRP token.
The good news is the battle will come to an end very soon, and the judgment might come in favor of XRP. It creates a positive sentiment in the community. This battle significantly reduced the market cap and price of XRP in the last two years, but now the case is preparing to clear the air about the token and its future prospect.
Market experts believe the case will come to an end within the first quarter of 2023, but it is not predictable at all. The case will be briefed before the federal judge, and the judges will make their own decision within the first three months of the next year, but it could be longer.
Ripple is a US-based technology company developed by Ripple Labs Inc. It is an open-source protocol that offers faster and more secure global financial transactions. It was released in 2012 and finally started to expand its use cases in 2013.
The protocol is used by global financial institutions, developers, and enterprises. With this solution, the institutions can handle more transactions and provide real-time settlement, increasing the system’s efficiency.
Moreover, the process is more transparent, quicker, and more economical, which helps to provide a good user experience. Please read our technical analysis if you are interested in investing in XRP.
While writing this technical analysis, the XRP price is trading around $0.46 around the middle Bollinger Band. On the daily chart, MACD is bearish, but RSI is around 50, which suggests the price may come to the level of $0.45, which is short-term support of the chart.
However, if it breaks this support, the next support will be around $0.4. That can be a good time to invest in XRP for the short term. Overall, the chart is bullish, forming higher highs with a good volume that suggests you can invest for the short term.
After taking support around $0.32, the XRP coin has formed a bullish engulfing candle, and now it is consolidating between $0.45 and $0.55. Candlesticks form around the upper BB, and most technical indicators signal positive momentum.
We think the price will come to the level of $0.40 for at least a few hours, which will be a good time to invest for the long term. Please follow our website to get the latest update on XRP.
