XRP bulls appear to have regained momentum with Ripple’s native token targeting new price levels despite the market uncertainty. Notably, at the start of the week, XRP bears seemed to have the upper hand with the asset reacting to the fallout of the FTX cryptocurrency exchange crisis.
As things stand, XRP is trading at $0.38, gaining by almost 10% in the past week despite no positive development in the Securities Exchange Commission (SEC) case.
XRPXRP regains bullish momentum
Although Ripple had sustained a rally in previous weeks, the asset’s latest gain can be attributed to comments by Ripple CEO Brad Garlinghouse. According to Garlinghouse, Ripple might express interest in companies owned by FTX that serve business customers.
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This is after the executive revealed that FTX former CEO Sam Bankman-Fried reached out two days before the company filed for bankruptcy seeking for a rescue plan.
“Part of my conversation was if he needs liquidity, maybe there’s businesses that he has bought or he has that we would want to own […] Would we have bought some of those from him? I definitely think that was on the table,” he said.
Besides the Garlinghouse comments, XRP’s bullish momentum has emerged from the positive development in the SEC case. For instance, the token rallied about 10% after the presiding judge approved amici briefs in support of Ripple.
XRP price analysis
XRP price analysis suggests a bullish trendline for the seventh-ranked cryptocurrency by market cap. Notably, the bulls have invalidated the bearish trend that emerged partly due to the FTX exchange crisis.
At the current price, XRP has broken past the $0.38 resistance level. To target $0.40, XRP needs to hold onto the $0.38 level. Furthermore, moving past the crucial $0.39 position would signal a breakout session for the asset.
If the bulls sustain the gains at $0.40, the level will form a new resistance position as XRP sets eyes on $0.45. On the flipside, if XRP fails to hold onto gains at $0.38, the token might find support at $0.35.
With XRP targeting $0.40, the level aligns with the token’s community projection. As reported by Finbold, the XRP community on CoinMarketCap projected the token will trade at $0.4 by December 31, 2022.
XRP technical analysis
Furthermore, XRP technical analysis remains bearish, with a summary recommending selling at 15 while moving averages are for a ‘strong sell’ at 13. Oscillators are also for ‘sell’ at two.
Notably, the SEC case remains crucial to the prospects of XRP with analysts maintaining that if Ripple wins the case, it would be bullish for the token. At the same time, it’s worth noting that XRP is not immune to prevailing market conditions despite the bullish outlook.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
