Can XRP ( $1.13 ) price hit $1? Watch these levels next

The price of XRP ( $1.13 ) ( XRP ( $1.13 ) ) has skyrocketed in the aftermath of a federal court ruling saying that its sales on crypto exchanges complied with U.S. securities laws.

On July 14, XRP ( $1.13 ) price retreated by about 10% to $0.76, but compared to its lowest price the previous day, it was still up around 65%.

Related: Why is XRP ( $1.13 ) price up today?

At its highest in the last 24 hours, the XRP ( $1.13 ) /USD pairreached $0.93, its best level since December 2021, just shy of hitting the $1 mark.

A whale-backed XRP ( $1.13 ) rally

Certain indicators show that XRP ( $1.13 ) ’s ongoing price pump may not be just a short-term reaction to the positive news for Ripple.

For instance, the duration of XRP ( $1.13 ) ’s massive pump coincides with its trading volumes reaching a 10-month high. Meanwhile, the number of XRP ( $1.13 ) whale transactions — or wallets holding more than $100,000 — climbed to their best level in 2023, suggesting that the richest investors back the XRP ( $1.13 ) rally.

“If key whale and shark addresses are increasing their supply going into this pump, then it is a get foreshadowing signal that the pump may just be getting started, and it’s a sign of good things to come,” noted Brian Q, analyst at data analytics platform Santiment.

Furthermore, the XRP ( $1.13 ) price gains come in line with a rise in the supply held by entities with a 100,000-10 million token balance.

In other words, whales have not sold the rally but actually accumulated XRP ( $1.13 ) , suggesting most want to position themselves for further gains.

XRP ( $1.13 ) to $1 and beyond?

From a technical standpoint, XRP ( $1.13 ) can test the key $1 level in the coming days, but its potential to continue its rally beyond looks weak for the time being.

Notably, the pullback on July 14 occurred near a resistance confluence comprising of a multi-year horizontal trendline (purple) and a giant descending trendline ceiling (black).

In addition, XRP ( $1.13 ) ’s weekly relative strength index (RSI) has turned overbought, raising its correction prospects.

Should a pullback occur, XRP ( $1.13 ) price risks dropping toward its multi-year ascending trendline support near $0.45 by September, down around 55% from the current price level.

Related: Ripple CTO warns against XRP ( $1.13 ) scams amid SEC-induced hype

Other price targets include the token’s 50-week exponential moving average (50-week EMA; the red wave) near $0.48 and 200-week EMA (the blue wave) near $0.50.

On the other hand, an overbought RSI could also result in the XRP ( $1.13 ) price consolidating sideways inside the $0.75-1 range.

If XRP ( $1.13 ) price decisively breaks above $1, then its next price target by September will likely be near $1.35, a resistance level from the August-December 2021 session.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.