Crypto news: On Friday, XRP's price experienced a nearly 6% decline, continuing a correction that began after reaching a year-to-date high of $0.7440 on Monday. Currently, the XRP price stands at $0.632, reflecting an 8% decrease over the past 24 hours. This recent price movement has resulted in XRP's market capitalization being valued at $34.82 billion. Year-to-date, XRP has seen a 3.85% change in its price.
On Friday, XRP's price dropped to a low of $0.61, where it found support at $0.6117, Despite this decline, indicators suggest a potential recovery for the altcoin, with a possible return to its previous high of $0.7440, and today the major resistance level is at $0.6748.
The Relative Strength Index (RSI) is currently at 37.55, indicating a neutral position. This suggests that there is room for positive momentum, and the overall uptrend in XRP remains intact despite the recent correction.
Ripple's legal disputes with the US Securities and Exchange Commission (SEC) have significantly impacted the price performance of its tokens, contrasting with other projects that are reaching new highs.
Despite a 2023 ruling by a judge that XRP was not a security, the SEC has persisted in its legal actions against Ripple(XRP). Both sides are now required to submit remedy-related briefs by April 22. However, the prospect of a settlement seems unlikely, as both entities seem poised for a protracted legal confrontation.
This uncertainty has hindered XRP's price growth compared to other cryptocurrencies. While the broader crypto price market has seen significant gains, Ripple's token has struggled to regain its previous high levels due to the legal overhang. Investors and market observers are closely watching developments in this case, as its outcome could have far-reaching implications for Ripple, XRP, and the broader crypto industry.
Ripple, the company behind XRP, has been embroiled in a legal battle with the SEC since December 2020. The SEC argues that XRP is a security, not a cryptocurrency. However, in a partial victory for Ripple in July 2023, the court ruled that XRP is indeed a cryptocurrency. If the final verdict in 2024 favors Ripple, as indicated by our bull case projections, XRP's price could surpass its 2023 bullish momentum of 61.34% and reach new highs.
Speculation about Ripple's initial public offering (IPO) surfaced towards the end of Q4, riding on the momentum from its partial victory against the SEC. A Ripple IPO would excite investors and potentially propel XRP's price to unprecedented levels. If Ripple successfully launches its IPO, which is uncertain due to regulatory challenges, our bull case model predicts that XRP's price could dominate the crypto market for years, triggering significant price surges, increased trading volume, and user adoption.
Similar to Bitcoin's Spot ETF approval in January 2024 and the anticipated Ethereum ETF, there is a possibility of Ripple having its Spot ETF in the future. If approved, our bull case model suggests that Ripple's Spot ETF could lead to a substantial bullish run, surpassing the 10,228% growth seen since 2014.
After examining the criteria listed above, we can conclude that the current XRP price prediction is Neutral. To reach our aim of $0.826970 within the next five days, XRP has to climb by 23.53%. Moving forward, it will be critical to monitor XRP market mood, major support and resistance levels, and other indicators. However, we must bear in mind that cryptocurrency markets are unpredictable, and even the greatest crypto assets exhibit a lot of price fluctuation.
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