Summary of Article
- XRP price is preparing for a large price action which may increase beyond $0.5 in the near future.
- The RSI is already high, indicating that the price could rise as much as 25% in Q2 2023.
- However, if the resistance levels at $0.5 are not broken, then another rejection could occur and drive the price back to $0.4.
Ripple (XRP) Price Analysis
The XRP token has been under bearish pressure for quite some time now. However, it appears that with the start of Q2 2023, the popular crypto may be on its way to record a giant move. The XRP token is currently trading close to its 200-day Moving Average and is expected to break out of this level soon. If successful, this breakout could lead to an upswing in prices and take it beyond $0.5.
Support Levels Defended
Over the past weekend, there was not much movement seen in prices across major cryptos as they remained below their respective resistance levels but managed to defend their support levels well. This leaves room for speculation that XRP’s giant move might finally happen soon.
RSI Indicates Possible Uptrend
The Relative Strength Index (RSI) for XRP indicates signs of an impending uptrend this week where it can gain more than 20% by the end of weekly trading hours. If such momentum continues then XRP could make new highs since September 2022 when it had recorded gains of 37%.