XRP Wild Predictions Forecast Soaring Prices Amid Market Uncertainty Read CoinChapter.com on Google News
NOIDA (CoinChapter.com)— XRP has experienced significant price volatility recently, reflecting broader market uncertainties and the ongoing legal confrontation between Ripple Labs and the US Securities and Exchange Commission. However, wild predictions favoring XRP continue to the rounds.
At the time of writing, XRP is trading at $0.45, down 4.12% in the past 24 hours and 11.71% over the past month. The decline marks a steep downturn from its earlier consolidation above $0.50, largely attributed to market instability and the protracted legal dispute with the SEC.
The SEC’s allegations against Ripple for selling unregistered securities have cast a long shadow over XRP. Moreover, the SEC filed a motion against Ripple, countering its comparison with a Binance ruling.
Emphasizing the fair notice doctrine, the SEC dismissed the relevance of the Binance case to Ripple’s pending motion on remedies. As the legal battle intensifies, Ripple faces a potential $2 billion penalty, and the crypto community eagerly awaits the court’s decision.
Wild Forecasts: A Double-Edged Sword for Investors
In a recent X post, crypto analyst Tylie Eric projected a substantial rally for XRP, comparing it to its 2017 bull run.
Eric’s analysis, based on the Elliott Wave Theory, suggests XRP could surge to $36.36 by the end of 2024, representing a 7,637.22% increase from its current price, just one of the many wild predictions that flood the internet. The analyst argued that XRP would likely continue with “wave 3 and wave 5” of the Elliott Wave pattern.
Some XRP price predictions tend to get out of control.
However, Eric’s forecast relies heavily on technical analysis, which isn’t infallible. Investors should approach such bold predictions with caution, considering the broader market context and inherent volatility of cryptocurrencies.
The optimism surrounding XRP contrasts sharply with its recent performance and the prevailing market conditions often fuel these wild predictions.
The Ripple-SEC lawsuit continues to exert downward pressure on XRP’s price, complicating the bullish narrative. Furthermore, as Ripple defends itself against the SEC’s allegations, the uncertainty adds a layer of risk for investors banking on a significant price rally.
Additionally, increased regulatory scrutiny worldwide could further impact XRP’s future performance. Investors need to balance technical analysis with a comprehensive understanding of regulatory developments and market dynamics.
While Eric’s projection of a 7,637.22% increase might entice some, such wild forecasts can lead to unrealistic expectations and potential losses. Moreover, the recent decline of XRP to $0.45 highlights the need for a measured approach, emphasizing diversification and critical evaluation of market conditions.
XRP Price Recovers From Crash
XRP price dropped to its lowest level since March 2023 on July 5 as the crypto market crash forced the token to plunge 12% and reach a daily low near $0.38 before bulls recovered some of the lost ground. The recovery continued on July 6, with the token recording minor gains of nearly 1%.
XRPUSD daily price chart with RSI. Source: Trad i ngview.com
If the token continues to rally, the XRP price could rally to resistance near $0.45 before targeting resistance near $0.481.
Conversely, if selling pressure persists, the XRP price could drop to the support level around $0406, aligning with the 38.2% Fibonacci retracement. A break below this level might see the Ripple token price test the stronger support at $0.375, corresponding to the 23.6% retracement.
The Relative Strength Index remains oversold, with a score of 27.71 on the daily charts.
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