XRP Price Eyes $5.89But Can It Beat the 20-Day SMA First?
- Ripple Price Prediction: Risk-on sentiment returns as XRP eyes breakout to $3.
- Coinbases XRP futures listing signals growing confidence in its legal status post-SEC dispute.
- Technical analysis shows potential short-term bullish momentum, but overall trend remains cautiously bearish below the 20-day SMA.
The XRP futures contract went live on Coinbase, fueling a minor surge on the daily index. The offering of futures will provide both institutional and retail investors a compliant and economical way into the ecosystem of XRP, hinting at a maturity in the U.S. derivatives market for previously troubled tokens.
Additionally, Coinbases move to list XRP futures contracts reflects a growing confidence in the assets legal certainty in the wake of a historic decision that determined the cryptocurrency isnt a security by nature.
This news is especially significant as it occurred only a few years after Ripples native coin found itself amid a publicity-gaining legal dispute with the SEC. The court agreed to halt the appeal process, allowing SEC 60 days to amend the status update.
Buoyed by this development, market experts foresee the token hitting $5.89 in the near term. While this is a positive outlook, the prediction of $5.89 target is highly speculative, as price trajectory often depends on the broader market dynamics.
XRP Traders Eye Bullish MACD Break Above Key Bollinger Band Levels
At press time, the 4th-ranking token is trading at $2.10. In the 1-day chart, the Bollinger Bands (BB) appear to be slightly widening, hinting at increasing volatility and the price currently trades below the middle band.
Also shown in the price chart is the MACD (Moving Average Convergence Divergence), a key indicator that identifies trend direction and potential momentum shifts. Currently, the MACD line is above the signal line (orange), suggesting potential bullish momentum, even though the decreasing histogram height warrants caution.
Zooming out, the token price path has recorded periods of higher volatility in January and February, followed by a downward trend leading into April. Recently, we also see some consolidation and slight upward momentum as indicated by the last few green candles. But the price remains below the 20-day SMA.
A break above the middle Bollinger Band ($2.228$) could further confirm this bullish bias and potentially lead to a test of the upper Bollinger Band ($2.404$). However, the price is currently below the 20-day SMA, which could act as initial resistance. Failure to break above the middle band could see the price revisit the lower band ($1.870$).
Read more: https://www.tronweekly.com/xrp-price-eyes-5-89/
Text source: TronWeekly
