XRP is at a critical juncture, testing its ability to hold support at the $2.30 level. Analysts focus on the direction towards the 20-day moving average.
Current Situation Analysis
At the time of writing, XRP's price was $2.34. The asset is attempting to turn the 20-day exponential moving average, which stands at $2.3492, into a support level. A breakout from a multi-year symmetrical triangle has lifted the target price to $15.
Risks and Technical Indicators
If the 20-day moving average fails to hold as support, further decline is possible. The immediate support lies at the $2.30 level. Indicators are mixed, suggesting possible risks. The Relative Strength Index (RSI) is at 48.91, close to the neutral level of 50, indicating weak bullish momentum.
Expert Opinions and Possible Outcomes
According to expert Jeremy Hogan, a private settlement between the SEC and Ripple would be the quickest resolution.
The technical analysis shows that XRP is at a key stage. Support at the $2.30 level and the attempt to turn the 20-day EMA into support will be crucial factors in the near future.
