Ripple’s native token XRP briefly touched the $0.40 mark on Monday after trading below it for nearly two months. The overall crypto markets rallied last week after the CPI data showed inflation in the U.S. dropping to 6.5% from 7.1%. The report made Bitcoin climb above $20,000 and Ethereum go beyond the $1,500 mark. XRP is up nearly 10% in the last seven days and is now hovering around its resistance level of $0.40.
This is the highest the crypto moved this year and a breakthrough from $0.40 could push XRP further in the indices. Can it move beyond its crucial zone and reach a new monthly high in January? Let’s find out!
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Can XRP Climb Above $0.40?
XRP prices are at a six-week high and investors fear that $0.40 might be a bull trap swallowing their investments in a jiffy. However, crypto analyst Tara from Precision Trade believes XRP could break its resistance levels of $0.40 and reach $0.44 next. The analyst put a target of $0.445 for XRP and remains confident that it could remain bullish in the coming days.
“Weekly TF on XRP looks ready! It’s been held down by the MA for so long and retraced PAST the 854 fib. The target that we have on LTF $.445 is going to break up past major resistance and could turn BULLISH. Really good sign if it breaks up to that level! Ripple,” the analyst predicted.
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While that’s the short-term target for XRP according to the analyst, the long-term target seems to be different. The SEC remains at loggerheads with Ripple as the lawsuit is yet to come to an eventful conclusion. Therefore, XRP could face resistance at every level until the lawsuit is settled damaging its long-term prospects in the indices.
It’s been three years since its reached its all-time high of $3.40 in January 2018. If the lawsuit doesn’t go in favor of XRP or sees a prolonged time for judgment, another three years could pass and not breach its ATH.
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At press time, XRP was trading at $0.38 and it is up 1% in the 24 hours day trade.