In the ever-evolving world of cryptocurrencies, XRP investors have closely monitored the coin’s price movements since the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple took an unexpected turn on July 13. Ripple, the company behind XRP, received a significant reprieve when the court ruled that XRP is not a security, sparking a temporary surge in its price.
In this line, a prominent crypto analyst TradingShot, in a TradingView post on September 13, offered a glimpse of what to expect for XRP in the coming months while acknowledging that the positive influence from the court rilling has faded.
The analyst pointed out that following the ruling, XRP witnessed a swift surge that pushed its price above $0.90 for the first time since April 2022. However, this euphoria was short-lived, as XRP’s value began to decline in two aggressive phases.
XRP price prediction for October 2023
In his analysis, this decline ultimately led to XRP falling below the 1D MA50 (50-day moving average on a daily price chart), breaching critical support levels, and touching the 1-day MA200 and the 1-week MA50.
These key moving averages now form the current support zone for XRP, indicating the level at which buyers are stepping in to support the cryptocurrency.
In light of these observations and technical analysis, TradingShot expressed a bullish outlook for XRP. The analyst set a medium-term price target at $0.56750 for October, indicating optimism that XRP’s value will continue to rise in the coming month.
XRP price prediction for January 2024
One of the notable aspects of TradingShot’s analysis is the observation of the 1-day Relative Strength Index (RSI) forming higher lows. Notably, this pattern potentially signifies the formation of a bottom sequence similar to what was observed on January 02, 2023, and June 13, 2022.
By comparing the current market dynamics to the pattern that emerged between June and December 2022, TradingShot draws parallels to the April-September 2023 period. This comparison suggests that XRP’s price trajectory may follow a similar pattern with bullish implications.
Looking further into the future, TradingShot also outlined a long-term target of $0.9300 for January 2024. This long-term projection suggests that the positive momentum may extend well into the new year.
“As a result we are bullish and have a medium-term target at $.56750 for October and long-term target at $0.9300 for January 2024,” the analyst stated.
As XRP investors navigate this evolving landscape, the recent legal victory against the SEC undoubtedly boosted confidence in the cryptocurrency.
XRP price analysis
As of press time, XRP was trading at $0.50, showing daily gains of approximately 0.65%. Over the past seven days, the token has largely maintained stability, with a marginal 0.5% decrease in value on the weekly chart.
It is worth noting that the SEC case continues to play a key role in determining the valuation of XRP. In the meantime, parties in the case await the second legal showdown, as the SEC intends to appeal. Additionally, the trial for XRP executives is scheduled for next year.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
