Analysis: $0.80 won’t be too hard for XRP as bulls continue to reign

XRP’s latest price movement proved to many that the asset diminished all the odds imposed by the SEC and rose towards $1
Illustration credit: Morning Tick
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Lately, XRP had dealt with a lot of commotion with regard to the SEC lawsuit. This had further tottered the growth of the altcoin. However, it seems like XRP was back in action as its price was seen surging over $0.40.

The entire crypto market was seen recovering from yesterday’s sudden momentum. Assets like Bitcoin [BTC] and Ethereum [ETH] were seen taking a break from their uphill journey and retracing. Subsequently, all the other assets echoed this sentiment. While Cardano [ADA] was focused on hitting $1, XRP seemed to be taking a little break before its big leap.

Even though XRP lost its spot to the stablecoin Tether [USDT] as well as Cardano [ADA] in terms of market cap. It secured a place as the fifth-largest cryptocurrency with a market cap of $23 billion. With regard to its price, the asset had seen some downtime since yesterday. At press time, XRP was trading for $0.51 with a 2% drop in the last 24-hours. But, throughout the last seven days, the altcoin made profits of over 26%.

XRP 2-hour price chart

Source – TradingView

The Parabolic SAR indicator used in the short term price chart of XRP affirmed that the bulls were still in the market. The dotted lines below the candlesticks were inclining towards the bulls as opposed to the bears. The Chaikin Money Flow indicator also pointed out the same thing by laying its marker above zero. XRP was reportedly exhibiting a buyers’ sentiment, the Relative Strength Index declared.

While this revealed that the altcoin could hit $1 sooner or later if the trend prolonged, crypto Twitter came in with various conjectures. A Twitter user who goes by the username, @CryptoBull2020 revealed that XRP would hit $0.80 very soon as his previous predictions have come true. His tweet read,

XRP was finally seen getting back on track despite the lawsuit its parent company Ripple is currently dealing with.

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