Bitcoin

when

<div class="finbold">
 <p class="paragraph">As Ripple Labs nears the conclusion of its legal battle with the U.S. Securities and Exchange Commission (SEC), the cryptocurrency community is closely monitoring the potential impact on XRP‘s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>.&nbsp;</p>
 <p class="paragraph">With the lawsuit drawing to a close and key economic reports on the horizon, analysts are optimistic that a favorable outcome could push XRP’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> to $0.62.</p>
 <p class="paragraph">The culmination of Ripple’s prolonged SEC lawsuit, paired with the upcoming release of the Consumer Price Index (CPI) data on May 15, is poised to play a critical role in shaping XRP’s market valuation.</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Whale alert: 10-year inactive Bitcoin wallets move 1,000 BTC <span class="self-center text-xs text-slate-500">24 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    U.S. faces savings slaughter with $2.1 trillion bleeding out of economy <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Altseason incoming? Three key indicators to watch for a potential surge <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    3 cryptocurrencies to avoid trading this week <span class="self-center text-xs text-slate-500">3 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">As stakeholders anticipate the legal resolution and economic indicators, the market is speculatively poised for a shift from the current price range of $0.46 to $0.57, potentially reaching a higher stable level amidst regulatory clarity and economic stimuli.</p>
 <h2 class="wp-block-heading" id="h-technical-analysis-and-price-movements">Technical analysis and price movements</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="538" src="https://cdn.thebittimes.com/images/2024/05/12/879409b9b0a7d854c56fdb8aef20fa2f.webp" alt class="wp-image-175475" srcset="https://cdn.thebittimes.com/images/2024/05/12/879409b9b0a7d854c56fdb8aef20fa2f.webp 1024w, https://cdn.thebittimes.com/images/2024/05/12/879409b9b0a7d854c56fdb8aef20fa2f.webp 300w, https://cdn.thebittimes.com/images/2024/05/12/879409b9b0a7d854c56fdb8aef20fa2f.webp 768w, https://cdn.thebittimes.com/images/2024/05/12/879409b9b0a7d854c56fdb8aef20fa2f.webp 1304w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>XRP U.S. Dollar price chart. Source: TradingView</em> <br>
  </figcaption>
 </figure>
 <p class="paragraph">Currently, XRP trades in a range between $0.46 and $0.57. This <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> band indicates a delicate equilibrium of supply and demand.</p>
 <p class="paragraph">A crucial observation was made on May 7 when XRP’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> dipped below the 20-day exponential moving average (EMA) of $0.52, signaling potential bearish dominance in the market.&nbsp;</p>
 <p class="paragraph">The next significant support level is at $0.46, where a robust defense by buyers could stabilize the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> and prevent further declines.</p>
 <p class="paragraph">For a bullish scenario to emerge, XRP needs to sustain a breakout above the $0.57 resistance level. Such a movement would suggest that the market correction might be concluding, potentially setting the stage for an ascent towards the $0.62 target.</p>
 <h2 class="wp-block-heading" id="the-role-of-cpi-data-in-xrps-price-trajectory">The role of CPI data in XRP’s price trajectory</h2>
 <p class="paragraph">The upcoming Consumer Price Index (CPI) report, scheduled for May 15, is another critical factor to consider. <em>Matthew Dixon</em>, CEO of the crypto rating platform <em>Evai,</em> highlights that a weaker-than-expected CPI could act as a catalyst and awaken XRP, which he described as a “sleeping giant.”&nbsp;</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">#XRP has been lagging lately but like many other tokens, weaker #CPI next week should awaken the sleeping giant and propel $XRP higher. pic.twitter.com/FEvUZiG7RM</p>— Matthew Dixon – CEO Evai (@mdtrade) May 10, 2024
   </blockquote>
  </div>
 </figure>
 <p class="paragraph">Dixon believes this could be a bullish catalyst, potentially propelling XRP to the $0.62 mark. The anticipation is that subdued inflation figures might lessen the pressure on monetary policy, encouraging investment in riskier assets like cryptocurrencies.</p>
 <p class="paragraph">Furthermore, market participants should closely monitor XRP token unlocks, which could negatively impact the token’s valuation.</p>
 <p class="paragraph">The convergence of Ripple’s legal developments and economic indicators like the CPI data is setting the stage for a potentially significant price movement for XRP.&nbsp;</p>
 <p class="paragraph">Investors and market observers are closely monitoring these events, which are expected to determine the direction of XRP’s price in the near term.&nbsp;</p>
 <p class="paragraph">A favorable legal outcome and a positive economic report could indeed be the twin engines that propel XRP to the anticipated $0.62 target and beyond.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/here-s-when-the-xrp-price-could-hit-0-62-tbt88126.html">https://thebittimes.com/here-s-when-the-xrp-price-could-hit-0-62-tbt88126.html</a></p>

Here’s when the XRP price could hit $0.62

Table of Contents

TheBitTimes

Other articles published on May 12, 2024

Gas Gone Cheap! Ethereum Fees Plunge 93% To Rock Bottom Prices

Book of Shiba Inu (BOSHIBA) Will Surge 9,000% as MEXC Listing Announced, While Shiba Inu and Doge...

Bitcoin Asia Conference Draws Major Crowd

Nakamoto Games (NAKA) Remains Bullish in Blockchain Gaming Sector with First-Ever Multi-Chain Wal...

Current Trends in Cryptocurrency Prices

Bitcoin On-Chain Activity Nears Record Lows Amid Market Uncertainty

Join our free newsletter for daily crypto updates!