Search
Close this search box.

Search

XRP Price Hits Critical Breakout: Can Increased Activity Push It to $1?

Join us on :

XRP ETF Approval Could Spark a 22% Price Rally – Here’s When

XRP recently captured attention after experiencing a significant price drop of 26% since early October. The digital asset has now established a stable base near $0.51, prompting analysts to explore what could drive XRP’s next big move. Notably, a symmetrical triangle formation has appeared on XRP’s weekly chart, which often signals potential for a breakout. This has fueled optimism among some experts, who suggest XRP might soar as high as $10 if conditions align.

Symmetrical Triangle Breakout Spurs Optimism

XRP’s recent breakout from its symmetrical triangle pattern has energized the crypto community, raising expectations for a potential rally. Technical analysts closely monitor these patterns because they often indicate major price shifts. XRP’s breakout could mark the beginning of a new uptrend, possibly drawing in more investors.

XRP Price Analysis. Source| TradingView

Adding to the optimism, XRP Ledger activity has surged to a six-month high, with over 12,000 active addresses reported. This uptick in activity hints at rising interest in the network, which may drive demand for XRP as more participants enter the market. An increase in active users can often influence a token’s value, especially when it reflects growing utility or adoption.

Despite positive market indicators, XRP faces ongoing legal challenges that could impact its price trajectory. Ripple’s dispute with the U.S. Securities and Exchange Commission (SEC) remains unresolved, with a court delaying the SEC’s appeal until January 15, 2025. This delay extends the uncertainty surrounding XRP’s regulatory status, leaving investors cautious.

Ripple’s chief legal officer, Stuart Alderoty, confirmed that the company has submitted a cross-appeal against the SEC, adding another layer to the case. The outcome of these legal proceedings could play a crucial role in XRP’s future, as a favorable ruling might lift XRP, while an unfavorable decision could hamper its growth.

Analysts Set $1 as a Potential Target

Currently, XRP trades around $0.52, reflecting a modest 1.4% increase in the past 24 hours. Some analysts believe XRP could achieve the $1 milestone if it clears significant hurdles, breaks through key resistance levels, and meets certain market conditions.

Source| X

For sustained bullish momentum, analysts suggest XRP’s Relative Strength Index (RSI) must stay above 50. If XRP’s RSI stabilizes above this level, the asset could climb to $0.556. However, XRP faces a significant resistance level at $0.6649, which analysts call the “final boss” barrier. Overcoming this resistance could initiate a prolonged uptrend, setting the stage for XRP to target $1.

On the downside, XRP could slip by 9% to $0.469 if bullish momentum weakens. As Ripple navigates both market dynamics and legal challenges, XRP’s performance remains tied to these pivotal developments.

Read Also: Ripple’s Road Ahead: SEC Aims for Extended Deadline in Lawsuit

Share this :

Facebook
Twitter
LinkedIn
Telegram
WhatsApp

Dogecoin (DOGE) continues to capture significant market attention. Trading at $0.1369, Dogecoin has seen a 3.23% increase in price over