As we approach the end of 2024, XRP continues to exhibit strong price movement, holding steady below $0.60 following a significant regulatory decision that clarified its status as a non-security token.
Despite concerns raised by some experts about XRP’s future in the crypto market, supporters remain optimistic, believing there is potential for upward movement once the legal dispute between Ripple and the SEC concludes.
One contributing factor to XRP’s current price stagnation is the anticipation of a potential appeal by the SEC following the recent ruling that required Ripple to pay $125 million for breaching securities laws, a notably lower amount compared to the initial $2 billion demand.
Even amidst legal uncertainties, XRP remains below $0.60, despite the positive news of its relisting on the Robinhood platform. Following the announcement, XRP showed a brief uptick, gaining over 2% in 24 hours and trading at $0.58.
Market sentiment around XRP appears bullish, especially as the current price sits above both the 50-day and 200-day simple moving averages, hinting at the possibility of further gains. Additionally, the 14-day Relative Strength Index suggests there is still room for growth before reaching overbought levels.
Predictions from OpenAI’s o1 model envision XRP potentially trading at $0.88 in a bullish scenario and reaching $1.05 in a more optimistic forecast. Conversely, under bearish conditions, the token could drop to $0.33.
Looking at technical analysis, a prominent cryptocurrency analyst known as CredibleCrypto anticipates a significant price breakout for XRP in the near future. Noting a long-term consolidation pattern, the expert suggests that a breakout from this pattern could lead to a substantial price increase.
CredibleCrypto believes that once “old guard” cryptocurrencies like XRP begin to show movement, it could result in a notable surge in price. Breaking past the $1 resistance level, which has seen significant trading volume over the years, could confirm the next major move for XRP.
In conclusion, XRP’s trading activity in 2024 has been heavily impacted by regulatory battles, leading to a period of consolidation. However, the resolution of these regulatory issues could align XRP with positive technical indicators, signaling a potentially bullish future trend. Please note that this content does not constitute investment advice, and investing in cryptocurrencies always involves a level of risk.