Ripple (XRP) has advanced from $0.47 to $0.75 since October 19, 2023, and the current price stands at $0.61.
Ripple (XRP) is currently ranked as the fifth-largest cryptocurrency based on market capitalization and it is important to say that Ripple experienced significant historic milestones in 2023 year.
Today, Crypto Lists will discuss Ripple (XRP) price estimates from a technical and fundamental analysis perspective.
Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
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- 1 Major market moves afoot?
- 2 Experts expect XRP to maintain positive trajectory
- 3 XRP could reach a new peak during anticipated bull market
- 4 Technical analysis for Ripple (XRP)
- 5 Important support & resistance levels for Ripple (XRP)
- 6 What speaks for the rise in the Ripple (XRP) price
- 7 What indicates further downfall for Ripple (XRP)
- 8 What do analysts and experts say?
Major market moves afoot?
In July 2023, Ripple secured a notable win as a judge ruled that XRP does not inherently qualify as a security. Subsequently, the SEC’s plea for an immediate appeal was rejected and later in October, the SEC retracted its accusations of securities law breaches against Ripple’s leaders, Brad Garlinghouse and Chris Larsen. Given the playout of events in 2023 that lifted the XRP price, tailwinds stemming from adoption might boost the XRP price in 2024 according to many crypto analysts.
It is also important to mention that stocks on Wall Street remain supported after the Federal Reserve signaled that its interest rate-hiking policy is at an end and that it sees lower borrowing costs in 2024.
After the Fed statement, the probability of a May rate cut in U.S. interest rate futures increased from 80% to 90% which is also positive for the cryptocurrencies which usually show a correlation with stocks on Wall Street. But where is the price of Ripple (XRP) going next, and what can we expect from the rest of December 2023?
Experts expect XRP to maintain positive trajectory
As 2023 comes to a close, many crypto analysts expect Ripple (XRP) to maintain a positive trajectory in the upcoming weeks or even months. Numerous cryptocurrency experts foresee the U.S. Securities and Exchange Commission (SEC) potentially greenlighting a Bitcoin ETF in the upcoming weeks. Should this occur, it’s expected that the price of XRP will likely rise to greater heights.
The prospect of spot Bitcoin ETFs receiving SEC approval has generated significant excitement within the crypto community mainly because the approval is expected to energize the cryptocurrency markets even more, drawing considerable institutional investments, especially from hedge funds.
At the same time, Adrien Treccani, serving as Ripple’s Senior Vice President of Product, foresees a forthcoming shift in the industry, anticipating a new paradigm to arise as it aims to overcome the challenges experienced in 2023.
Major financial institutions and global corporations are actively investigating digital asset solutions to fulfill the growing demand from clients seeking more efficient, transparent, and readily available financial services. Ripple has announced collaborations with several global banks in 2023 year and in 2024, the team behind Ripple expects adoption rates to continue to soar.
While 2023 was noteworthy for Ripple given its wins in the SEC lawsuit, the company anticipates even more victories in 2024. Ripple’s Chief Legal Officer, Stuart Alderoty, has expressed his optimistic perspective on policy and cryptocurrency regulation for the upcoming year.
Alderoty predicts that in 2024, the last bit of the SEC’s misguided lawsuit against Ripple will finally come to an end. Additionally, he anticipates that following the resolution of the Ripple lawsuit, the SEC will persist in its enforcement-driven approach to regulation, targeting other prominent figures within the industry.
XRP could reach a new peak during anticipated bull market
Patrick L. Riley, the founder of Reaper Ascension Index Ark Institute, forecasted last week that XRP might reach a new peak during the anticipated upcoming bull market. Patrick L. Riley also said that the bullish potentials of XRP will be pushed by the increasing development of the XRP Ledger and growing adoption.
Moreover, Riley indicated that integrating EVM side chains into XRP would further enhance the token’s upward potential.
He elaborated by noting that numerous projects currently utilizing ERC20 tokens may transition to XRP due to its rapid finalization and more economical expenses, aiming to leverage these advantages. Ethereum is faced with issues that he expects would drive capital inflows to XRP which will certainly propel the price higher.
In the weeks to come, XRP and the cryptocurrency market will remain significantly influenced by the decisions of the U.S. Securities and Exchange Commission (SEC).
Investors should keep in mind that while positive developments can trigger substantial price increases, they also carry potential risks. Hence, engaging in investments related to XRP demands deliberate consideration.
Undertaking comprehensive research and evaluating one’s risk tolerance are fundamental measures prior to committing to any investments within this sphere.
Technical analysis for Ripple (XRP)
Ripple has advanced from $0.47 to $0.75 since October 19, 2023, and the current price stands at $0.61. Despite the current correction, traders should keep in mind that as long the price of XRP is above $0.50, there is no risk of a bigger sell-off.
Important support & resistance levels for Ripple (XRP)
On this chart (the period from April 2023), I marked important support and resistance levels that can help traders understand where the price could move. Ripple (XRP) is currently trading below its recent highs, but if the price jumps above $0.70, the next target could be resistance at $0.80.
The important support level is $0.55, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.50. If the price drops below $0.50, which represents important psychological support, the next target could be $0.40 or even below.
What speaks for the rise in the Ripple (XRP) price
Ripple’s Chief Legal Officer, Stuart Alderoty, predicts that in 2024, the last bit of the SEC’s misguided lawsuit against Ripple will finally come to an end which will positively influence the XRP price.
The overall sentiment on the cryptocurrency market also plays a crucial role in XRP’s price trajectory, while XRP’s ability to maintain above $0.55 support is an encouraging sign, and it could potentially act as a strong foundation for a price bounce.
A move above $0.70 would be beneficial for the bulls to take control of price movement.
What indicates further downfall for Ripple (XRP)
The downfall of XRP can be influenced by a wide range of factors, including negative rumors, market sentiment, regulatory developments, technological advancements, and macroeconomic trends.
The highly volatile nature of the cryptocurrencies may scare investors again to sell XRP if some negative news happens in the cryptocurrency market and because of this, investing in XRP involves a significant degree of unpredictability and substantial risk.
What do analysts and experts say?
As 2023 comes to a close, many crypto analysts expect Ripple (XRP) to maintain a positive trajectory in the upcoming weeks or even months. Crypto analysts say that the SEC approval for the first Bitcoin ETF in the U.S. would certainly positively influence the price of XRP while Patrick L. Riley, the founder of Reaper Ascension Index Ark Institute, forecasted that XRP might reach a new peak during the anticipated upcoming bull market.
Patrick L. Riley also highlighted that the bullish prospects of XRP will be propelled by the expanding development of the XRP Ledger and its increasing adoption. In the weeks ahead, market sentiment and regulatory developments will continue to have a major influence in determining the price of Ripple (XRP).
Keep in mind that the cryptocurrency market is highly dynamic; it can experience rapid falls, and it’s essential to conduct thorough research, stay informed about market developments, and be aware of the risks associated with investing in cryptocurrencies.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.