The XRP price has been struggling despite some victories against the SEC. While the price has not yet reached the coveted $1 level, bullish formations on the chart are giving hope to investors. Crypto analyst @Nico369K highlighted a Golden Cross formation on the XRP price chart. This formation occurs when a short-term moving average crosses over a major long-term moving average, indicating bullish momentum for the asset.
Apart from the Golden Cross, the Relative Strength Index (RSI) is also showing bullish signs for XRP. The RSI, currently at 44.31, has dropped significantly over the last few months, suggesting that the asset is moving towards oversold territory. Typically, an RSI around 30 indicates oversold conditions, and the XRP price is still above this level. The decline in RSI could indicate a potential rally in the near future.
The Ripple Vs. SEC lawsuit has been a major factor in XRP’s lackluster performance over the past four years. However, recent developments have been positive for Ripple, with Judge Analisa Torres ruling that programmatic XRP sales on secondary exchanges do not qualify as securities. This ruling has paved the way for settlement talks between Ripple and the SEC, with CEO Brad Garlinghouse expressing confidence that the case will soon be resolved.
Once the lawsuit is behind them, XRP could see a significant price surge. Analysts are optimistic about the future of XRP, with some predicting that the price could surpass $1 and even reach $10 during the upcoming rally. With the Golden Cross formation and bullish RSI signals, the stage is set for XRP to make a strong comeback in the near future.
While XRP has faced challenges in the past, the current technical indicators and legal developments point to a potential bullish rally for the cryptocurrency. Investors should keep a close eye on XRP as it navigates through settlement talks and prepares for a possible surge in price post-lawsuit resolution.
