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XRP Prepares for Major Price Action, Here's What to Expect

Thu, 11/24/2022 - 16:15
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Gamza Khanzadaev
XRP is on verge of big price changes based on what its chart shows
XRP Prepares for Major Price Action, Here's What to Expect
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Despite the fact that XRP is quite prominent in CoinMarketCap's ranking of cryptocurrencies by market capitalization, its price action of late has gone unnoticed by many. At the same time, the XRP price has not only shown strength, but it has also set itself up for a continued move northward.

Source: TradingView

During the second week of recovery from the FTX collapse of the crypto market, the price of XRP rose by 7.5%, but more importantly it was able to get out of the zone of $0.38. Hold the price at that level and the path to $0.46-$0.5 per XRP is open, which means a 20% upside and a return to pre-FTX crash levels. The fact that the XRP price recovery over the last two weeks has already been more than a third of that decline, 48% to be exact, can also be considered a positive sign.

Related
XRP Price Demonstrates Bullish Behavior, Here's What Else Chart Hides

Ripple v. SEC

Looking at the XRP chart, we should not forget the fundamental triggers inherent in the price of this token. XRP is a "defendant" in perhaps the most important regulatory and crypto industry confrontation, the SEC v. Ripple case.

Recent developments in the process include the possibility of a settlement between the parties. As U.Today reported, some lawyers involved in the crypto sphere believe that there is a real possibility of such an outcome.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.