XRP Prepares for Big Move, Here Are Two Positive Factors

XRP the sixth-largest cryptocurrency is about to make a big move according to the technical and fundamental factors

XRP Prepares for Big Move, Here Are Two Positive Factors

Technical and fundamental factors may indicate that XRP, the sixth-largest cryptocurrency, is about to make a big move. At the time of writing, XRP was worth $0.38, which was up 1.78 percent in the last 24 hours. The token’s daily and weekly gains aren’t as big as those of most of the top 10 cryptocurrencies.

For example, Bitcoin is up 36.17% and Ethereum is up 26.15% in the last week, but XRP is only up 5.22%.

XRP/USD Daily Chart, Courtesy: TradingView
XRP/USD Daily Chart, Courtesy: TradingView

Possible Factors For XRP Price

1. Technical Factors

Since the RSI gives short-term buy and sell signals, it could mean that the XRP price is at a crossroads right now.

The daily RSI is just a little bit above 50, which means that bulls and bears are about even. Either the bulls or the bears have to give up their places at the center of this fight.

On the way up, ripple faces a key barrier at $0.399, which is the daily moving average of 200, and has been holding its price back since Feb. 20.

If XRP breaks through this key level, it could go as high as $0.433 or even $0.50. But if the ripple price doesn’t break through $0.399, it might stay in a narrow range before making a big move. On the other hand, there seems to be more support around $0.355, which could stop a drop.

2. Fundamental Factors

According to the information posted on the validator website, the number of new XRPL accounts being made every day is going up in a good way. On March 13, a total of 2,078 new XRPL addresses were made, which is still the most since early January.

In November 2022, not long after the FTX crashed, the newest accounts were made on XRPL in a single year. All of this could mean that people are still interested in XRP and XRP Ledger.

The community is also hopeful that the Ripple lawsuit will end in a good way, which could happen in the first half of 2023, according to estimates.

XRP Prepares for Big Move, Here Are Two Positive Factors
XRP Prepares for Big Move, Here Are Two Positive Factors

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