Approaching the end of 2024, XRP continues to exhibit a notable price movement, consolidating below $0.60 despite receiving a significant regulatory ruling that ruled out its reclassification as a security. Some experts are questioning XRP’s market viability due to this price movement, while supporters believe there is still upward potential once Ripple’s legal battle with the SEC concludes.
Concerns about XRP’s market momentum are fueled by expectations of a possible SEC appeal following a recent decision that required the blockchain company to pay $125 million for securities law violations, a sum significantly lower than the initial demand of $2 billion. Speculation is rife that the SEC may appeal before the early October deadline.
Despite positive news like XRP relisting on the Robinhood platform, the token is still trading below $0.60. However, it reacted positively to the news initially, experiencing a 2% gain in the last 24 hours and trading at $0.58.
XRP’s bullish sentiment is reflected in its price movement, with the current price above both the 50-day and 200-day simple moving averages. Additionally, the 14-day Relative Strength Index (RSI) suggests there is room for upward movement before the token becomes overbought.
Using an AI model called OpenAI’s o1, it is predicted that XRP could trade at $0.88 in a bullish scenario and $1.05 in a more optimistic case, but could drop to $0.33 in bearish conditions.
Renowned cryptocurrency analyst, under the pseudonym CredibleCrypto, highlighted in a recent post that XRP is on the brink of a historic price breakout, citing a long-term consolidation pattern indicating a potential explosive move upon breakout, especially if it breaches the $1 resistance.
In conclusion, XRP’s trading in 2024 has been impacted by regulatory uncertainties, leading to extended consolidation. However, resolving these regulatory issues could align XRP with technical indicators suggesting a bullish future.