Ripple News: Could XRP Price Reach a New All-Time High in 2024?
XRP Experiences Decline as SEC Decision Looms
In a recent development, XRP saw a decline of 6.68% on Wednesday, settling at $0.5828. This drop comes as rumors circulate about the potential rejection of BTC-spot ETFs by the SEC. As Thursday unfolds, all eyes are on regulatory updates in the US, the ongoing crypto case involving the SEC, and the crucial decisions surrounding BTC-spot ETFs.
Amidst the broader market downturn, analyst Crypto Wzrd noticed a positive pattern on the XRP/BTC chart. Despite Bitcoin dropping to $40,000, Crypto Wzrd remains cautiously optimistic. He identifies a potential bullish hammer formation on XRP’s daily chart, indicating a possible upward trend.
Crypto Wzrd commends XRP for holding its ground against recent bearish trends, suggesting a potential positive turn. However, he also emphasizes the significance of upcoming SEC announcements regarding ETFs, as they could heavily influence the direction of XRP.
Looking at XRP’s daily technical outlook, if a bullish daily candle appears tomorrow, XRP can be deemed a bullish hammer. XRPBTC is expected to gain more control soon. Crypto Wzrd anticipates a volatile day ahead and will focus on the intraday chart to make a trade.
There is growing anticipation surrounding XRP potentially rebounding from the $0.57 mark. If this occurs and XRP breaks a key lower high trendline, it could surge towards $0.7300. However, these projections largely depend on Bitcoin’s behavior and other market developments. In a positive scenario, XRP might target $0.7000, signifying a 20% increase from its current price, by surpassing the upper wedge boundary. Conversely, if selling pressure intensifies, XRP could drop to $0.5000. A breach below this level may lead to a further decline towards $0.3562.
Experts, such as CasiTrades, echo Crypto Wzrd’s analysis, identifying strong support levels for XRP. Both experts advise caution due to the current market volatility, emphasizing the importance of monitoring Bitcoin’s stability as a key indicator.
Despite these observations, legal hurdles are not yet out of the way. John E. Deaton discusses the nature of asset volatility, noting that assets often do not follow a linear path. He highlights XRP’s sharper decline compared to Bitcoin, indicating its sensitivity to negative crypto sentiment. Meanwhile, developments continue in the SEC-Ripple case, with a pending decision on Ripple’s potential financial obligations related to XRP sales.
To reach its previous highs in 2024, XRP faces several challenges. A favorable outcome in the SEC lawsuit, expected in April 2024, is crucial. The market also needs positive momentum, possibly driven by BTC ETF approval and Bitcoin’s halving event. XRP’s success relies on clarity in Ripple’s legal situation and its partnerships. While regulatory challenges have hindered XRP’s growth, clearer regulations could pave the way for significant growth, although careful consideration of legal and market factors is necessary.
Tags: Ripple (XRP)