XRP hasn’t been able to go above $1 since 2021. A lot could happen in the last three months of this year. Technical chart patterns, more whale buying, and the end of Ripple’s legal fight with the SEC are all big events that could make the price of XRP reach an all-time high.
Currently, XRP is testing the upper trendline resistance of a symmetrical triangular pattern that has been building since the beginning of 2018.
It is getting close to a significant technical breakout. This shape, made up of trendlines coming together, slows down price changes and shows that prices might increase if XRP can go above $0.86. If the rise works, XRP could move toward the next big level of support, which is around $1.
The technical data shows good signs. On the weekly chart, the relative strength index (RSI) is rising from the steady 50 level. This means that sellers are building up their confidence. A rise in the number of trades could also mean that prices stay the same.
A lot of whales are being built, which makes people optimistic about XRP’s future. This group owns a lot of XRP and coins. Their share has gone up from 40.27 percent in 2024 to 41.4 percent now. The people in these groups, which are called “whales,” own between 1 and 10 million XRP units. Also, they’re getting more important.
If this keeps up, prices will soon go up. Lots of people buy more when they think prices are going up, which moves the market.
XRP Legal Battle Nears Resolution: Price Surge Possible With ETF Approval
It’s still happening in court with the SEC, but the case is almost over. If you buy or sell XRP on a digital currency market in 2023, Judge Analisa Torres said it is not a security. What it is, though, is still a security under the Howey rule when it is sold to big investors. Part of this was good news for Ripple.
A very important meeting between the SEC and Ripple has been moved to July 25, 2024. At this meeting, they are likely to discuss possible agreements. Analysts think that a good outcome could raise XRP’s price significantly. If an XRP-spot ETF is approved, it could also attract more people to the market.
Marc Fagel, who used to work for the SEC as a lawyer, doesn’t think there will be a deal soon. He thinks that the case may go to court. Brad Garlinghouse, CEO of Ripple, is still hoping that a solution can be found by the end of summer 2024.
XRP’s price is about to go through the roof. After the court case ends and more whales buy, the price of the coin could hit or go above $1, a level it hasn’t been at in over two years.
