An experienced market analyst didn’t mince words: “XRP will front run within the blue-chip crypto category”.
Most Ripple coin (XRP) holders are awaiting the resumption of the United States (USA) government, as ETF submissions are piling up. Despite many of them already missing the deadlines, XRP Army is counting on the Securities and Exchange Commission’s (SEC) approval for the OG altcoin to hit price discovery.
Can MACD & CPI Results Push XRP To Price Discovery?
As market observers are peeling their eyes on crypto news with the looming Consumer Price Index (CPI) data from Fed’s chair Jerome Powell, technical crypto chart analysts are in two camps about Ripple coin’s (XRP) upcoming price direction. While some expect a $5 run for XRP, other analysts project $2 amidst extreme market volatility.
So far, Ripple’s (XRP) price briefly tacked on $2.50, an important resistance level that’s historically led to an eventual $3 price reclaim. With the Moving average convergence divergence (MACD) showcasing positive signs on the weekly XRP price charts, seasoned crypto traders forecast a price reversal.
Is XRP’s $5 Price Tag More Plausible Than $2 Retest?
Chart Nerd, a strong voice among the XRP crypto community, has noticed higher lows paired with the SRSI levels in oversold territory. Deemed the altcoin’s price under-valued against the current market trend, oversold status can help XRP’s price breakout from $2.40 resistance level if large investors, otherwise known as crypto whales, come back to buy the dip.
If whales choose to sell, a retest of the $2 support floor is likely, as noted by analyst Ali Martinez a few days back. However, the path towards an all-time high retest might clear in November, if the The Securities and Exchange Commission (SEC) restarts their services and evaluates the 11 Ripple-based exchange-traded funds (ETFs) by year-end.
Alternatively, the XRP Army is looking forward to SWIFT’s testing of the XRP Ledger for their $155 trillion annualized volume market. Set for Q4 of 2025, this blockchain technology testing is pivotal in shaping the intersection of traditional finance & the digital economy, as banking giants seek to find an immediate settlement solution for merchants.
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