As the majority of the cryptocurrency market has opened the week on a positive note, XRP is not falling far behind, recording modest advances across multiple charts and triggering optimism that a run toward $0.53 might be possible.
Indeed, the XRP token has recently swept higher but requires more confirmation before starting to target $0.53, as crypto trading expert Michaël van de Poppe observed in the analysis and chart he shared on his Twitter profile on July 2.
According to him, XRP is not showing a clear structure, so it is early to say for sure whether this is a trend reversal or just a temporary move, but the odds are still in the crypto asset’s favor.
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XRP price analysis
As things stand, XRP was at press time changing hands at the price of $0.4827, demonstrating an increase of 0.68% in the last 24 hours and a $0.41 gain across the previous seven days as it tries to recover from the 7.79% drop on its monthly chart.
At the same time, XRP finds itself at the center of a widely publicized lawsuit that could well determine its future, as the United States Securities and Exchange Commission (SEC) has sued its issuer, Ripple, alleging it illegally sold the token, which the regulator considers a security.
In fact, if the case concludes in the blockchain company’s favor, there is a chance it could send the price of XRP higher toward the bullish prognoses made by the self-learning machine algorithms over at the cryptocurrency tracking platform CoinCodex.
Another development to factor into XRP’s possible price rise is its trading activity, which has recently positioned this digital asset as the third most-traded in the second quarter of 2023, while whales purchased over 360 million XRP in the week between 22-28 June, as Finbold reported on June 29.
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