Ripple Price Prediction: Here’s Where XRP Price is Heading Next

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The sixth largest digital asset by market capitalization, XRP, has remained a favorite among novice and veteran traders. The Ripple Labs-backed XRP has a daily trading volume of more than $1.4 billion, thus indicating heightened demand from more investors.

Nevertheless, XRP faces significant short-term headwinds, especially from the ongoing lawsuit filed in late 2020 by the United States Securities and Exchange Commission (SEC). As a result, the digital asset is at risk of underperforming in the ongoing bull market if a resolution between Ripple and the SEC is not achieved soon.

Furthermore, other competitive altcoins facilitate the same services that Ripple’s XRP offers.

XRP Signals Bullishness Soon

Following Bitcoin’s (BTC) pump above $50,000 in the past few days, the altcoin market cap has experienced a successful breakout. However, based on technical analysis, Ripple’s XRP price has not yet moved out of the woods.

On the weekly time frame, XRP’s Relative Strength Index (RSI) is attempting to rally above 50, which is a sign that bulls are beginning to take control. Additionally, the XRP price has been attempting to rally above the weekly 200 Moving Average (MA), coinciding with the resistance/support level of around 55 cents.

As the XRP price fast approaches the apex edge of the macro consolidation, an inevitable bullish breakout is on the horizon. The altcoin will likely begin its bull cycle’s parabolic move after consistently closing above the resistance around 94 cents. According to the weekly Auto Fibonacci Extension, the XRP price will likely face significant resistance between 75 and 94 cents.