XRP recently lost its position as the 4th largest cryptocurrency by market capitalization to Binance Coin (BNB), relinquishing its spot as the top-performing major crypto so far this market cycle. However, despite this minor setback, the long-term outlook for XRP still appears positive.
Last week, XRP prices spiked in reaction to Ripple receiving key regulatory approvals to operate and offer services in Georgia and Dubai. This news catalyzed a rally, with XRP surging as institutions continued adopting Ripple’s offerings. However, the rise was short-lived, as XRP subsequently dropped over 5% to around $0.68 in a ‘sell the news’ type of correction.
Though XRP has pulled back from its recent highs, the token remains within an ascending parabolic price curve that could lead to a renewed upswing. Technical indicators like the RSI have turned bearish in the short-term, suggesting XRP may drop towards interim support around $0.65 before bouncing higher. As long as the $0.65 level holds, the selling pressure is unlikely to overwhelm buying momentum.
Looking ahead, XRP is still poised to recover within its parabolic curve and target upper resistance levels. After reclaiming the previous support-turned-resistance zone, XRP could push above $0.70 again en route to the key psychological barrier of $1.00. This target appears achievable by late 2023 or early 2024 if momentum remains strong.
In the longer term, XRP will need to break out above resistance at $0.912 and reclaim its spot as a top 5 cryptocurrency in order to validate its bullish trend. Continued adoption of Ripple’s services could act as a catalyst for the next leg higher. With its strong technical setup still intact, XRP has the potential to surge past $1 and reward its bullish investors.
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