As we near the end of 2024, XRP continues to show strong price movement, holding steady below the $0.60 mark despite receiving favorable regulatory clarity that prevents it from being reclassified as a security. This stability has sparked discussions among experts about XRP’s future in the crypto market. Proponents of the token remain optimistic, anticipating potential growth once the legal dispute between Ripple and the SEC is resolved.
Concerns over XRP’s inability to capitalize on market trends stem from the possibility of the SEC appealing the recent ruling that directed Ripple to pay $125 million for violating securities laws, a significantly lower amount than the original demand. Market observers speculate that the SEC might appeal before the early October deadline, adding to the uncertainty surrounding XRP’s price movement.
Despite positive news such as XRP’s relisting on the Robinhood platform, it is still trading below $0.60. However, there was a short-term uptick following the relisting, with XRP gaining over 2% and trading at $0.58 at the time of reporting.
Current indicators show a bullish sentiment for XRP, with the token trading above both the 50-day and 200-day simple moving averages, potentially setting the stage for further gains. The 14-day Relative Strength Index (RSI) sits at 58.36, indicating that XRP is not yet overbought, leaving room for upward movement.
Forecasts from OpenAI’s o1 AI model project different scenarios for XRP’s price by the end of 2024, ranging from $0.88 to $1.05 in bullish scenarios and $0.33 in bearish circumstances. Additionally, technical analysis suggests that XRP is approaching a significant breakout after trading in a long-term compression pattern. Analysts anticipate a potential surge if XRP breaches the $1 resistance level.
In conclusion, XRP’s trading performance in 2024 has been heavily influenced by regulatory issues, leading to a period of consolidation. However, if these regulatory hurdles are overcome, XRP could align with technical indicators pointing towards a bullish future.