- October 28, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The post Ripple (XRP) Next Big Move? Analysts Eye $1 Target Amid Legal Pressures appeared first on Coinpedia Fintech News
Since early October, XRP’s price has experienced a steep 26% drop, forming a base of around $0.51. Recently Experts have seen a key technical pattern on XRP’s weekly chart—a symmetrical triangle that often signals a potential breakout. Some experts are optimistic, speculating whether XRP could see a surge that brings its value to as high as $10.
XRP’s Price Breaks Out of Key Pattern
XRP’s recent breakout from a symmetrical triangle has turned heads in the crypto community, with analysts predicting that this move could mark the beginning of a new rally.
Adding to this optimism, activity on the XRP Ledger has been rising, with over 12,000 active addresses recently—a six-month high. Increased activity on the network suggests growing interest, which could push XRP’s price higher as more investors enter the market.
However, XRP’s path is not without hurdles. The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) continues to weigh on XRP’s price. Recently, a court delayed the SEC’s appeal until January 15, 2025, adding another layer of uncertainty.
Meanwhile, Ripple’s Chief Lawyer, Stuart Alderoty, confirmed that Ripple has submitted a cross-appeal against the SEC, which could impact XRP’s future.
#Ripple Chief Lawyer Stuart Alderoty Confirmed That They Already Submitted A Cross-Appeal Against The SEC.#XRP Ready To Explode Vertical It's Just A Matter Of Time
pic.twitter.com/Hkn7t3S57W
— XRP CAPTAIN (@UniverseTwenty) October 28, 2024
Analysts Eye $1 Target if Conditions Align
Currently, XRP is trading at around $0.52, marking a slight 1.4% increase over the past 24 hours. However, some crypto insiders suggest that XRP could reach $1 if it clears these legal challenges, breaks through resistance levels, and meets other key conditions.
To confirm bullish momentum, analysts say XRP’s Relative Strength Index (RSI) must stabilize above the 50 level, which could see XRP rise further to $0.556.
Further analyst notes that XRP’s “final boss” resistance sits around $0.6649, a major barrier it has struggled to break in the past. Clearing this level could open doors for a longer-lasting uptrend, with a possible target of $1.
On the downside, if bullish momentum doesn’t build, XRP could fall by 9% to its next support level at $0.469.
