Free of Charges, Will XRP Bounce To $1?

SEC Drops Charges: The SEC has withdrawn charges against Ripple Labs executives, leading to positive market sentiment.
Price Surge: XRP experienced a sharp 6.55% jump, reclaiming the $0.52 mark.
Year-to-Date Jump: XRP has seen a 52% increase in 2023.
Sideways Trend: XRP has been moving sideways between $0.46 and $0.55.
Death Cross Test: The price action is testing a death cross, attempting to regain bullish alignment in EMAs.
Hopium Rally: With the SEC abandoning charges, a rally driven by hope and optimism is expected.
Technical Indicators - RSI: The RSI line has crossed the halfway line and the 14-day SMA, indicating a bullish phase.
Technical Indicators - EMA: A death cross between the 50-day and 200-day EMA may soon reverse.
Current Price: XRP is trading at $0.51243 with an intraday fall of 1.37%.
Positive Scenario: A breakout above $0.55 could lead to a rally reaching $1 if it sustains above $0.70.
Negative Scenario: A reversal from $0.55 could lead to a 9% drop to $0.46.
Short Pullback: Despite the bullish engulfing candle, a short pullback is currently in motion.