Will XRP Legal Wins Push Price to $1? Analysts Think It Could Happen
XRP has fallen 1.5% in 24 hours to $0.5886 while the crypto market falls 3%.
The cryptocurrency is down 3% in a week and 2.5% in a month after a 2.5% increase in the preceding two weeks.
Despite dismal percentages, many expect XRP to break out shortly, with some setting $1 as the coin's aim for next year.
Given that it's only risen 11% in the last year, XRP is due a huge push and may surge shortly.
Will XRP Legal Wins Push Price to $1? Analysts Think It Could Happen
XRP's rising range, with its resistance (red) and support (green) levels rising, is perhaps its most optimistic chart feature.
The token's relative strength index (purple) rose from less than 30 this morning to slightly under 50 as of writing, suggesting it may rise again soon.
Also yesterday, XRP's 30-period moving average (orange) dipped below the 200-period average (blue), another hint that the alt is rebounding.
Whales have moved XRP to exchanges in recent days, so a recovery may take a few days.
The general outlook for XRP is positive, with some experts predicting a $1 price in 2025.
XRP has broken out of longer-term trend lines in recent days, according to some experts.
The market seems to undervalue XRP regardless of timeframe.
On one side, Ripple's renowned SEC lawsuit has ended in recent weeks with a penalty of 6.25% of the regulator's initial request.
By having a clean legal record, Ripple may continue developing without fear of major issues.
However, rate cuts by the Federal Reserve next month may lead to a buoyant market.
This could help XRP reach $0.75 by Q4 and $0.90 by year's end.
