In the ever-evolving world of cryptocurrencies, investors have been closely monitoring the price movements of XRP since an unexpected twist in the ongoing SEC lawsuit against Ripple on July 13th. Ripple, the company behind XRP, declared a partial victory as a U.S. court ruled that XRP sales to non-institutional buyers did not constitute securities offerings, leading to a temporary surge in the altcoin's price.
**What Can We Expect for XRP in October?**
Experienced cryptocurrency analyst TradingShot, in a post shared on TradingView on September 13th, acknowledged the diminishing impact of the court investigation while providing insights into what to expect for XRP in the coming months. The analyst pointed out that following the decision, XRP saw a rapid rally that pushed its price above $0.90 for the first time since April 2022.
TradingShot's analysis revealed that this surge led XRP to fall below the 50-day Moving Average (MA) on the daily timeframe, breach critical support levels, and touch the 200-day MA on the daily and 50-week MA on the weekly timeframe. These significant moving averages now serve as support zones for XRP, indicating that they have facilitated the breach of a crucial threshold by buyers.
In light of these observations and analysis, TradingShot expressed optimism for an upward trajectory in XRP's price. The analyst set a mid-term price target of $0.56750 for October, foreseeing further price growth in the coming month.
**XRP Price Prediction for January 2024**
One notable aspect of TradingShot's analysis is the Relative Strength Index (RSI) on the daily timeframe forming higher lows. Specifically, this pattern resembles a dip sequence observed on January 2, 2023, and June 13, 2022.
By comparing current market dynamics to the pattern that emerged between June and December 2022, the analyst drew parallels with the period from April to September 2023. This comparison suggests that XRP's price movement might follow a similar pattern of upward momentum.
Offering a glimpse into XRP's future, TradingShot also provided a long-term target of $0.9300 for January 2024. This long-term forecast indicates that the positive momentum could extend into the new year. In the analyst's words, "In conclusion, we are in an uptrend, with our mid-term target for October at $0.56750, and our long-term target for January 2024 at $0.9300." With these current prices, this projection suggests that XRP could almost double in value. 🚀💰
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