Originally published on: July 23, 2024
As we inch closer to the end of the year, all eyes are on XRP as it gears up for a potential price surge in the upcoming months. With a promising breakout on the horizon, coupled with intriguing whale activity and the looming resolution of Ripple’s legal battle with the SEC, analysts are optimistic that the XRP/USD pair could finally breach the $1 mark that has eluded it since 2021.
A closer look at XRP’s weekly chart reveals a symmetrical triangle pattern that has been taking shape for years, signaling a potential bullish breakout. The cryptocurrency is currently testing the upper trendline resistance of the pattern, fueling speculations of a strong rally towards the $1 milestone in the near future. To achieve this feat, XRP would need to surpass the crucial $0.86 level, a significant hurdle that has historically proven to be a tough nut to crack.
Supporting this bullish outlook are various technical indicators, including the rebounding relative strength index (RSI) and a noticeable uptick in trading volume, hinting at a possible sustained upward movement. Not to mention, onchain data from Santiment indicates a notable increase in XRP accumulation among whale cohorts, particularly among high-value investors, which is often seen as a positive sign for future price growth.
The long-standing legal tussle between Ripple and the SEC is also approaching a pivotal moment, as a potential settlement is on the horizon. With a crucial meeting scheduled for July 25, 2024, market experts believe that a favorable resolution could provide a much-needed boost to XRP’s price, while the approval of an XRP spot ETF could further pique investor interest.
While optimism abounds in the XRP community, caution still lingers among legal experts regarding the outcome of the Ripple-SEC saga. While some remain skeptical about a possible settlement, Ripple CEO Brad Garlinghouse remains hopeful that a resolution could be reached sooner rather than later.
In the ever-volatile world of cryptocurrencies, making informed decisions is crucial. This article does not offer investment advice but aims to shed light on the potential factors that could drive XRP’s price in the coming months. Stay tuned for more updates and subscribe to our newsletter for the latest insights and market outlooks.
