As the end of 2024 approaches, XRP, the native cryptocurrency of the Ripple network, has shown limited price movement, currently consolidating below $0.60. This comes despite a pivotal legal ruling that offered some regulatory clarity, as the token is no longer at risk of being classified as a security.
While this ruling initially generated optimism, XRP’s lackluster price performance has led some market analysts to question its long-term viability. However, many supporters of the token argue that there is potential for significant price gains, especially if the ongoing legal conflict between Ripple and the U.S. Securities and Exchange Commission (SEC) reaches a favorable resolution.
A significant factor contributing to XRP’s current price stagnation is the possibility of an appeal by the SEC. In a recent ruling, Ripple was ordered to pay $125 million for violating securities laws—a figure far below the $2 billion originally sought by the SEC.
The regulator’s potential decision to appeal this ruling before the deadline in early October could further cloud the regulatory landscape for XRP, contributing to the token’s subdued market performance.
XRP has also faced broader market challenges, including sluggish price movement despite the positive news of its relisting on the Robinhood trading platform. Following this development, the token saw a minor uptick, gaining approximately 2% within 24 hours and reaching a price of $0.58. However, it has remained below the $0.60 level, leaving many market participants cautiously optimistic.
Despite its consolidation, XRP shows signs of potential upward movement, as suggested by several key technical indicators. The token is currently trading above its 50-day simple moving average (SMA) of $0.5662, as well as its 200-day SMA of $0.5477. Trading above both of these averages is often seen as a bullish signal, suggesting the digital asset may be poised for further gains soon.
Additionally, the 14-day Relative Strength Index (RSI) for XRP currently stands at 58.36, below the overbought threshold of 70. This indicates that there is still room for growth before the token enters the overbought territory, potentially allowing for further upward price movement without facing immediate sell pressure.
To better understand XRP’s price outlook for the end of 2024, Times Tabloid consulted the OpenAI o1 artificial intelligence model, designed to provide forecasts based on comprehensive data analysis. According to the AI model, XRP could reach a price of $0.70 in a favorable scenario, while a more optimistic outcome could see the token trading as high as $1.5.
However, the AI also accounted for potential bearish conditions. Should negative market sentiments persist or regulatory uncertainties intensify, the token could fall to as low as $0.2 by the end of 2024. This range of predictions highlights the token’s vulnerability to legal developments and broader market conditions.
In addition to AI-driven forecasts, technical analysts have weighed in on XRP’s potential for a price breakout. CredibleCrypto, a well-known cryptocurrency analyst, recently shared his analysis of the token’s long-term chart patterns. According to the analyst, the token is nearing the end of a nearly seven-year consolidation phase, which could lead to a substantial price movement once this phase concludes.
The analyst emphasized that this extended period of compression, during which the token has traded within a narrow range, is uncommon in the cryptocurrency market. Many digital assets have not been around long enough to exhibit such long-term patterns, making XRP’s potential for a breakout particularly noteworthy.
Should XRP break through the key resistance level of $1, the next phase of its market cycle could see significant gains. CredibleCrypto believes the digital asset’s long-standing position in the market and increased trading volume over the years may set the stage for a dramatic price increase if key technical levels are breached.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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