XRP Price to Record a Gaint Move – May Rise by More than 25% with the Start of Q2 2023
The past weekend witnessed no specific move as the prices of the popular cryptos remained below their respective resistance levels. However, the support levels were defended finely due to which the possibility of a giant price action can be assumed in the coming days. Meanwhile, the XRP price, being diverse from the other tokens, is preparing for significant price action that may eradicate the bearish pressure to some extent.
The XRP price is preparing to catch up with the Bitcoin and Ethereum price trend this week by recording a minimum of 20% jump by the end of the weekly trade. The profitable close for the week is assumed as the token is breaking high, laying down a giant price action with the RSI raising high to reach the overbought levels. The expected upswing could be recorded for the first time since September 2022 where-in the price has recorded massive gains of 37%.
The XRP price has been under acute pressure and the recent breakout from the 200-day MA levels validated the impending bullish trend of the token. With a breakout, the price is believed to rise beyond $0.5, which is the first target at the moment.
However, for the second test, the possible break is wide open. From there, the bulls may still rise the price by more than 10% to hit the interim milestone at $0.55 and secure levels around the September 2022 highs.
However, the RSI is already elevated and has faced a minor pullback a couple of days before. Therefore, if a similar price action repeats, then chances of another rejection from the same highs at $0.5 may be expected which may drag the price back to its initial position. This would bring the bears back into action slashing the price below $0.4.