Ripple Achieves New Record High in 2024! XRP Price Sets Sights on $1 Goal Amidst Favorable Sentiments
Excitement is mounting in the cryptocurrency world as XRP prepares for a major breakthrough on the monthly timeframe. The breakout from a massive triangle pattern could potentially trigger the largest bull run rally in XRP’s history.
On Monday, XRP experienced a significant surge, reaching a new year-to-date high of $0.7440. This achievement comes after weeks of struggling against the $0.66 resistance level. Several factors are driving this rally, including the impending deadline in the SEC vs. Ripple lawsuit and the recent approval of the Automated Market Maker (AMM) amendment for XRP Ledger.
The Ripple vs. SEC case has also brought attention to Coinbase, which has filed a motion against the SEC, highlighting the regulator’s inconsistent stance on digital assets. Coinbase argues that the SEC’s comments on cryptocurrencies from 2018 to 2021 were contradictory. The outcome of the Ripple lawsuit will impact Coinbase’s challenge to the sale of unregistered securities, as it questions the SEC’s authority over digital assets.
Bill Morgan, a supporter of Ripple, criticizes the SEC’s contradictory positions in the Ripple case and William Hinman’s speech. He describes the SEC’s actions as an “incompetent shit show” and raises doubts about the regulator’s credibility in terms of regulatory clarity.
Another development putting Ripple in the spotlight is a large transfer of XRP from Binance by a mysterious whale. This, combined with the increasing momentum of the bull market, raises the possibility of a bull run in XRP’s price.
From a technical perspective, XRP appears bullish, maintaining stability above crucial support levels. Although there was a minor correction to $0.6940, XRP remains well-supported at the 78.6% and 61.8% Fibonacci retracement levels. Key indicators such as the Moving Average Convergence/Divergence (MACD) and Awesome Oscillator (AO) signal positive momentum, supporting the current upward trend.
In simpler terms, if XRP remains above the key support levels, it could aim for a price target of $0.7500, which was last seen in November 2023. However, if it dips below $0.6886, there may be a temporary drop to around $0.6147 before a potential bounce back.
With optimism in the air, buyers are eagerly anticipating XRP surpassing the $1 mark. The market is buzzing with questions like “Is XRP a good investment?” and “Will XRP’s price reach $1?”, adding even more excitement to the unfolding drama.
The stage is set, and now it’s up to you to decide.