XRP, one of the leading cryptocurrencies, is currently caught in the middle of analysis pointing to a potential rally in the coming weeks. Several analysts are highlighting views on future price movements of XRP. Additionally, technical indicators and ongoing regulatory developments play important roles in shaping the narrative. Here are the expected levels for XRP…
20 percent rally expectation for XRP
According to analyst Yashu Gola, XRP’s recent price movements point to a potential bullish continuation, with a classic bullish continuation setup indicating a price increase of over 20%. The emergence of a bull flag formation, which is a consolidation within a parallel channel after a strong uptrend, indicates a positive trajectory. As of November 26, XRP is trading above the upper trend line of the bull flag. But with weaker volumes, it indicates indecision on the part of some traders.
The duration of this indecision could lead to the flag’s upper trendline being tested as support. It could also potentially drop the price of XRP to $0.59 by November. However, if the bull flag scenario persists and is characterized by a high-volume recovery, XRP could climb towards $0.75 in December, which would represent a significant increase from current levels.
Whales accumulate coins
Despite potential short-term volatility, on-chain data points to bullish sentiment for XRP. The strong accumulation among the cryptocurrency’s richest addresses, often referred to as “whales,” points to confidence in price growth in December. Analyst Ali Martinez reported that whales purchased $6.82 million worth of XRP tokens over the past week, strategically buying at local lows.
Regulatory uncertainty critical for Ripple
Meanwhile, CoinCodex suggested that XRP will trade at $0.66 on Christmas Day in 2023. So he thinks the coin will trade with small gains of around 5%. Amid price analysis, regulatory uncertainty continues to loom over the future of XRP. Ripple’s ongoing legal battle with the United States Securities and Exchange Commission (SEC) has been a major factor in XRP’s recent price movements. The court will continue the hearing on April 23, 2024, and experts predict that there is a high probability of a resolution that will potentially affect the price of XRP.
The impact of the lawsuit on XRP’s valuation is clearly evident, with the cryptocurrency set to surge 85% in 2023. Despite Ripple’s partial win, the final decision on whether XRP sales to institutional investors violated U.S. securities laws remains a key factor in determining the future of the cryptocurrency. XRP navigates technical indicators, on-chain data and regulatory developments. Meanwhile, the cryptocurrency market awaits more clarity about its future trajectory.
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