The cryptocurrency market is showcasing optimistic sentiments as Bitcoin's price approaches $100,000, while XRP exhibits steady growth.
Current Market Situation
It is reported that Bitcoin's price holds firmly above $97,000, approaching the $100,000 mark. However, with the start of U.S. trading, buying pressure has escalated, which may shift the balance in the crypto market. Meanwhile, XRP's price, having broken out of previous constraints, continues to hold, which may lead to intensified rallies and the potential to surpass its 2021 highs.
Impact of SEC Lawsuit on Ripple
Since the SEC filed a lawsuit against Ripple, XRP's price has been heavily impacted. Its delisting from major exchanges led to price declines and stalled positive market actions. The final court decision had a short-term positive effect on the token. However, current sentiments for XRP have improved, suggesting a healthy uptrend may continue over the long term.
Future Prospects for XRP
Significant bullish signals for XRP are present on the weekly chart as the token prepares for major price actions. A 50/200 day MA crossover is anticipated, likely boosting the rally. The RSI remains within a rising parallel channel, and despite bearish divergence from resistance, levels are expected to maintain an upswing, reclaiming $1.25 soon. After the golden cross, the price may rise above $1.32, a trend reversal zone. If sustained, a rise beyond $1.5 up to $2 by 2025 could be possible. Nevertheless, reaching double-digit figures remains challenging for XRP.
Despite past setbacks, XRP shows signs of potential growth, while Bitcoin continues to strengthen, fueling optimism in the crypto market.
