Million

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/speculations-around-legal-win-boosts-xrp-price-closer-to-0-70/">Speculations Around Legal Win Boosts XRP Price Closer To $0.70!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>
The famous legal case between SEC and Ripple can finally end as the speculations rise up for a final verdict today. Driving the XRP price closer to $0.70 after four months of pullback, the sentiments-based rally ignites a new bull run.&nbsp;
On Sunday, attorney and partner at Hogan &amp; Hogan Jeremy Hogan gave clarity on the potential $770 Million penalty for the XRP token illegal sales. He <a href="https://twitter.com/attorneyjeremy1/status/1721161137272619223?s=20" rel="noopener noreferrer nofollow">tweeted</a>, “In conclusion, $770 million is NOT going to be $770 million, but something much less.” providing a sentiment boost for XRP HODLers.
Moreover, the <a href="https://coinpedia.org/price-prediction/xrp-ripple-price-prediction/" rel="noopener noreferrer nofollow">Ripple price prediction</a> teases a new 2023 high of $1.&nbsp;
<h2 class="wp-block-heading" id="ripple-price-analysis">Ripple Price Analysis</h2>
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="481" src="https://image.coinpedia.org/wp-content/uploads/2023/11/06112604/XRPUSD_2023-11-06_10-22-16-1024x481.png" alt="" class="wp-image-242290" srcset="https://image.coinpedia.org/wp-content/uploads/2023/11/06112604/XRPUSD_2023-11-06_10-22-16-1024x481.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/11/06112604/XRPUSD_2023-11-06_10-22-16-300x141.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/11/06112604/XRPUSD_2023-11-06_10-22-16-768x361.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/11/06112604/XRPUSD_2023-11-06_10-22-16-1536x722.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/11/06112604/XRPUSD_2023-11-06_10-22-16-150x70.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/11/06112604/XRPUSD_2023-11-06_10-22-16.png 1952w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
In the 1-Day chart, the XRP price showcases a dramatic trend reversal to avoid a death cross. Crossing above the pullback trendline, the reversal from $0.45 gains momentum with the improving market conditions.
Forming a rounding bottom pattern, the trendline breakout rally is close to $0.70, and the neckline is at $0.71. Further, to support the bullish reversal and reflect a high demand, the strong bullish engulfing candles dominate the price chart.&nbsp;
With a 42% jump in the last 25 days, multiple bullish catalysts continue to fuel the reversal trend. Moreover, it may soon help the XRP price reach the psychological mark of $1. Currently, the altcoin price is trading at $0.6780 with an intraday growth of 2.01%, reflecting no signs of weakness in trend momentum.&nbsp;
Technical Indicators:
MACD indicator: The MACD and signal lines continue positively with a growing bullish gap. Thus, the momentum indicator shows a growth in bullish trend momentum. Further, the bullish histograms are on the rise.&nbsp;
EMA: The rising 50-day EMA increases the bullish gap from the 200-day EMA and increases the uptrend possibility.&nbsp;&nbsp;
<h2 class="wp-block-heading" id="h-will-the-xrp-price-reach-1">Will The XRP Price Reach $1?</h2>
With the bullish sentiments rising for the XRP price, Ripple may soon win the legal case and refuel the trend momentum. Moreover, the rounding bottom forming with a neckline at $0.71 shows the potential to catapult the price to $1.
Further, on a positive note, the bull run above $1 can reach the next target at $1.21, accounting for a 21% hike.
Conversely, a reversal from $0.70 can result in a price fall to the $0.60 mark.&nbsp;

Speculations Around Legal Win Boosts XRP Price Closer To $0.70!

Table of Contents

CoinPedia News

Other articles published on Nov 6, 2023

African countries ponder abandoning USD permanently

70% of the Stock Market Gains this Year Come from the Magnificent Seven

21Bitcoin Secures €2.1 Mln Funding To Boost Bitcoin Financial Services

Luxor refutes claims its Bitcoin hashrate-backed product is BlockFi, Celsius 2.0

Meet AI Grok, Elon Musk's New Chatbot Inspired by Sci-Fi

Arbitrum price surging as Arbitrum DAO approves staking proposal

Join our free newsletter for daily crypto updates!