Ripple’s XRP has seen a price drop, creating an atmosphere of caution among investors. In his latest analysis, Cheeky Crypto highlights the technical aspects of XRP, outlining key support and resistance levels and offering predictions for both the short-term and long-term.
XRP Price Analysis
Cheeky Crypto notes that XRP has experienced a 4.06% decline over the past few days. This decrease has led the crypto to find support at its 50-day Simple Moving Average (SMA), currently positioned at 52.1 cents.
However, it faces resistance at the 50-day Exponential Moving Average (EMA), which stands at 53.4 cents. This critical support and resistance interplay sets the stage for potential future price movements.
If XRP continues to find support at the 50-day SMA, there is a likelihood of a short-term price bump. For a notable surge, XRP needs to break past its previous high of 55.7 cents and close above the 200-day EMA, also at 55.7 cents. Achieving this could pave the way for a bullish trend, potentially targeting the next resistance level around 61 cents.
Trading Strategy and Market Indicators
Cheeky Crypto suggests a cautious approach to trading XRP under current conditions. If XRP closes above the 200-day EMA, taking a long position with a stop loss below the 50-day EMA is recommended, targeting 61 cents.
Conversely, if XRP fails to close above the 200-day EMA, a short position with a stop loss just above the 200-day EMA, targeting lower ranges, might be prudent.
Several market indicators provide additional context for XRP’s potential movements. The stochastic RSI is currently correcting down, which suggests a bullish stance due to insufficient selling pressure. The volume profile also shows a decrease in volume, indicating a lack of selling pressure. Smart money concepts point to possible resistance around 57 to 59 cents and support at lower ranges.
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Long-Term Outlook
For the long-term, XRP has strong support levels around 33 to 35 cents. Resistance is identified at the weekly EMA and SMA, approximately 54.8 and 56.8 cents, respectively.
Cheeky Crypto predicts conservative price targets for XRP ranging between $5.59 to $11.26. These predictions are significantly influenced by the outcome of the ongoing SEC vs. Ripple lawsuit, which could have a profound impact on XRP’s future valuation.
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The post Ripple’s XRP Price Analysis: Key Levels to Watch as SEC Lawsuit Verdict Could Unlock These New Targets appeared first on CaptainAltcoin.