XRP Price Poised for Bullish Breakout, Say Analysts

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XRP Price Poised for Bullish Breakout, Say Analysts

Cryptocurrency analysts predict that Ripple’s XRP price is about to experience a bullish breakout, after being stuck in a downtrend since January 22. The remittance token is currently trading at $0.383, but it has been struggling to overcome the $0.380 to $0.400 zone for more than nine months. However, the Relative Strength Index (RSI) and the Awesome Oscillator (AO) are both showing that the bullish momentum is surplus, preventing sellers from taking over. If the XRP price manages to break through the current crucial zone between $0.383 and $0.389, it could climb as high as $0.609, a gain of 60% from the current level.

Ripple Listed on Coinbase; Adds Credibility to Bullish Thesis

The recent relisting of Ripple on the US-based crypto exchange Coinbase is adding credibility to the bullish thesis for XRP price. Paul Grewal, the platform's Chief Legal Officer, confirmed the relisting, stating that the exchange is working on reinstating full trading of XRP. Coinbase suspended trading of XRP in December 2020, following the lawsuit filed by the Securities and Exchange Commission (SEC) against Ripple. The lawsuit alleges that XRP is a security and that Ripple sold it without registering it as such. The outcome of the lawsuit is still uncertain and could have an impact on XRP price.

Unknown Variables Could Jeopardize Bullish Outlook

However, there are still some unknown variables that could jeopardize the bullish outlook for XRP price. The SEC vs. Ripple lawsuit has been ongoing since December 2020 and could still have an impact on the outcome. Additionally, the banking crisis that began in March has not yet reached a conclusion and could topple the bullish narrative that Bitcoin set up after rallying to $27,000 over the last week. If these events cause a sudden panic resulting in a market-wide sell-off, it would jeopardize the outlook. In such a case, the XRP price could slide to tag the local bottom of the 68% crash between June and May 2022 crash at $0.288, or retest the $0.253 support level.

Invalidation of Bullish Thesis Will Occur if Ripple Bears Shatter $0.336 Support Floor

To maintain the bullish thesis, Ripple bears must not shatter the $0.336 support floor. If this happens, it will invalidate the bullish idea and cause a significant drop in XRP price. However, as long as the bullish momentum remains surplus and buyers and sellers struggle for control, XRP price is poised for a bullish breakout, which could see it climb as high as $0.609.

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