Current bullish indicators in Ripple XRP price prediction suggest a potential rise in its short-term value. How far will it go?
XRP, the digital currency associated with the company Ripple, has been experiencing a dynamic phase, marked by both gains and fluctuations.
XRP’s value saw notable changes over the past month. It first experienced a drop amid Binance news which saw its ex-CEO Changpeng Zhao’s exit and XRP fell to around $0.58 on Nov. 22, however, it has made a swift recovery as of Nov. 24 and is trading at around $0.62 per token.
Despite these recent fluctuations, XRP’s year-to-date (YTD) performance has been impressive. The currency has registered an increase of over 81% since the beginning of the year.
Let’s delve into Ethereum’s current landscape, explore the various factors influencing its price, and provide insights into Ethereum’s price prediction.
Ripple and SEC’s ongoing legal battle
The legal tussle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has reached a critical juncture.
The case, presided over by Judge Analisa Torres in the Southern District of New York, is now entering a settlement phase, which could have significant implications for the future of XRP and the broader crypto market.
On Nov. 9, both Ripple and the SEC submitted their schedules to Judge Torres, marking the start of a remedies discovery and briefing phase.
The SEC has requested 90 days for discoveries related to remedies, a request accepted by Ripple, indicating cooperation.
A settlement could bring clarity to the status of XRP, benefiting investors and the cryptocurrency industry at large. It would also save legal costs and remove regulatory uncertainty for Ripple, allowing the company to operate more confidently.
This phase is expected to be challenging, with pro-XRP lawyers like John Deaton suggesting that a settlement of $20 million or less would be a significant success for Ripple.
Jeremy Hogan, another lawyer, opines that the Ripple case is essentially concluded, with the SEC dismissing the remaining aspects, thus ruling out further trials in 2024.
XRP price analysis: will Ripple price rise?
As of Nov. 24, 2023, XRP is trading at approximately $0.623, showing signs of challenging the overhead trendline of a short-term falling channel.
Technical indicators such as the moving average convergence divergence (MACD) suggest some signals of a bullish reversal, indicating a possible positive crossover.
The support at the 50-day exponential moving average (EMA) has been influential, helping to sustain XRP’s price above the $0.60 mark.
However, a recent speculative rally testing the $0.70 neckline failed to establish bullish dominance, leading to a drop to around $0.60.
For now, XRP has found good support at $0.57 and a current strong resistance is at $0.68, and overcoming this level is crucial for XRP to test higher price points.
A successful breakout could lead to a breakout, possibly at $0.70, potentially setting the stage for a price jump towards $1. Conversely, a reversal could lead to a drop to the $0.58-$0.60 range.
In conclusion, XRP’s price analysis indicates a cautious optimism with a mix of potential upside and downside risks. As with any cryptocurrency, market sentiment and broader economic factors could play a significant role in its future price movements.
Ripple (XRP) price prediction
Renowned for his accurate XRP price predictions, Dark Defender, a chart analyst focused on XRP, has provided valuable insights into Ripple’s potential market movements.
Recently, he correctly predicted XRP’s rise to the $60-70 cent range on Nov. 13. Now, he envisions XRP escalating to 87 cents to $1.05 in the very short term, indicating the currency is on the brink of a parabolic move.
Meanwhile, in his latest update, Dark Defender noted, that XRP has formed a cup & handle pattern in the daily time frame. He has set targets for $1.05 & $1.88 with the Elliott Waves, and now the Cup-Handle pattern to reach the targets.
However, he points out that for these targets to be valid, XRP must not close under the primary support of $0.6044 for two consecutive days.
While these ripple projections and the ripple expected price offer a bullish outlook, the volatile nature of the crypto market means these predictions should be considered cautiously. Trade wisely and never invest more than you can afford to lose.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.