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- Investors are expecting XRP to reach the $1.0 mark in FY2023.
- The weekly RSI indicator seems stable above the 40 mark.
Ripple’s XRP has tested the support zone several times over the past few weeks. The demand is rising near the $0.30 area, in fact, this support seems to be weakening after several hits. Earlier in November, XRP dropped dramatically, forcing many retail investors out of the market.
XRP remains uncertain from the side of the lower-higher structure. The bears placed sell orders at each of the previous swing highs such as $0.55, $0.85, $1.0 and $1.30. Buyers have to struggle a lot to increase the price. On the other hand, buyers also look aggressive as they go down on top of the previous one.
On the higher time frame, XRP price is seen at a cheaper price when buyers hold the $0.30 demand zone. A positive scenario can be seen soon if the buyers break the 20 simple moving average (white). Unfortunately, buyers have been witnessing a continuous selloff since October. The massive bullish rally could help investors stick with XRP for a long-term outlook.
Fiscal year 2023 could bring a dominant positive trend as XRP has already formed three red candles in the monthly chart drawn for January 2023. The bulls must take a step forward to regain their dominance over XRP.
What if you invest $1000 in XRP in 2023?
If you think of adding $1000 worth of XRP coins to your portfolio while the current trading price is around $0.35, you will get around 2857 XRP tokens in your wallet. If the price reaches $1.0 in the huge rally of 2023, an investment of $1000 would be worth $2857, a return of over 200%. Hence buyers are waiting for the end of this financial year to act aggressively.
The Q1 of 2021 buyers hit the $1.0 mark from the current trading price in just 10 weeks. Similarly, the buyers are targeting a repeat of the same scenario after accumulating XRP price above the crucial $0.30 support level.
Conclusion
Investors can trust the $0.30 support zone to buy Ripple’s XRP coin in FY2023. Traditional indicators like RSI and MACD suggest a slightly positive outlook, but the 20-day simple moving average became an immediate hurdle for the bulls.
Support level – $0.30
Resistance level – $0.550 and $10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
