The price of Ripple (XRP) may rise soon as indicators signal an imminent recovery. XRP has maintained a downward trend since the of this year. However, positive indicators suggest a potential increase in value.
The daily chart shows that the downward pressure has slowed slightly, suggesting buyers are re-entering the market.
As of 05:04 Eastern Time (ET), XRP is trading at $0.502 with a volume of more than $880 million, according to CoinMarketCap data. But the price has not significantly changed in the last 24 hours.
Ripple to Re-Enter U.S. Market After Legal Wins
Current recovery moves coincide with Ripple’s recent announcement of returning to the US market with innovative XRP-powered payment solutions. Most of XRP’s recline was attributed to Ripple’s multi-year legal battle with the US SEC.
However, as the lawsuit winds down and people anticipate the next bull market, Ripple has decided to break the ice in its services in the U.S. Oliver Segovia, head of product marketing at Ripple, recently shared hints of the company’s plans in a LinkedIn post.
Based on Segovia’s post, Ripple aims to leverage its money transmitter licenses (MTLs) to introduce new payment products. This has stirred up the XRP community and is likely fueling the uprising bullish momentum on XRP.
XRP Price Expected to Rise: Insights from Crypto Analyst
Given the growing bullish momentum, analysts think XRP will rise soon. In a February 6 X post, Crypto analyst Ali Martinez says XRP is gearing up for an upswing that could last up to four weeks.
Martinez noted that the TD sequential indicator shows a buy signal on the XRP weekly chart.
The TD Sequential indicator is signaling a buy on the $XRP weekly chart, suggesting that #XRP is poised for an upswing lasting one to four weeks. pic.twitter.com/icw4CY86UW
— Ali (@ali_charts) February 6, 2024
Notably, the TD Sequential indicator analyzes consecutive candlesticks to spot possible changes in the market. It helps determine when market participants make moves that could trigger a shift in assets’ price angle.
While indicators signal positive momentum for XRP, investors must apply caution as the cryptocurrency market can change quickly, producing unexpected results.
XRP Trading Analysis and Potential Support Levels
XRP is currently trading below both its 50-day and 200-day simple moving averages. This setup shows the coin is downtrend, with bearish pressure outweighing bullish momentum.
If XRP can break back above the moving averages, more buy trades might be completed, empowering the bulls to facilitate a more significant rally to higher highs.
However, if the selling pressure persists, XRP would be at risk of further drops. Nonetheless, strong support lies around $0.43 below the current price. This area could halt the decline if reached.
But if $0.43 fails to hold, XRP may fall further to support at $0.35.
The downside momentum looks strong, so buyers need to step in soon to avoid a deeper pullback. Also, the RSI is currently sitting at 34, showing that XRP is oversold but not yet highly oversold.
However, there’s hope for a recovery if the token reaches the oversold region at 30.
At this point, the bearish pressure could reach saturation, and sellers could begin to recede. Buyers who want to capitalize on the low prices to accumulate coins may initiate buy trades that could raise bullish momentum and trigger a rally.
For now, XRP remains at a critical conjecture, and if a price drops below $0.43, further declines will follow suit. While XRP holders hope for the best, SPONGEV2 continues to wave as more traders join the moving train, hoping the meme coin will rally massively in the anticipated bull run.
XRP Top Alternative: Sponge V2
>>>Visit Sponge V2 Presale<<<
The popular Sponge Coin that made waves last year is introducing an upgraded version with gaming and staking features. Sponge V2 will launch sometime in 2024 after the upcoming bull run.
It allowed SPONGE holders to exchange their V1 coins for V2 tokens by locking them in a stake-to-bridge contract.
However, the transition ended on February 05. According to the project team, SPONGE holders who failed to stake their V1 tokens won’t get the new V2 tokens. Crypto experts believe staking the coins makes the network more secure, and moving to Polygon will make transactions cheaper and faster for Sponge V2.
Sponge V2 Preps for Takeoff in 2024
Several crypto experts predict Sponge V2 could surge x100 in 2024 because of the new feature introduced to the network. The most notable utility is the play-to-earn game, letting users earn coins as they compete in tournaments.
This feature is expected to drive up demand for $SPONGEV2 and lead to a price increase.
Sponge V2 has big plans to build on the success of Sponge V1. The roadmap shows launching the game and exchange listings. The team also plans to exceed the $100 million market cap achieved by SPONGE shortly after its launch last year.
Already, Sponge V2 is creating intense excitement on social media, with an active community supporting its vision.
This is a catalyst for the success of most meme coins. If the team executes its ambitious roadmap, Sponge V2 could explode in 2024, yielding massive profits for early investors.