XRP price skyrocketed by 199% in November and even broke the $1.50 price level for the first time since 2021. New leadership in the SEC and a new partnership with Elon Musk contribute to the bullish narrative.
Ripple’s Legal Battle and Market Recovery
In December 2020, the SEC sued Ripple Labs for the sale of $1.3 billion of XRP tokens, which it claimed was an unregistered security.
This lawsuit led to a dip of XRP by over 50% and the delisting of this token from several major exchanges due to reduced liquidity and investor confidence. However, Ripple still continued to work with over 300 companies strengthening the support in the community.
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The legal case has not yet been resolved because of the appeal date, which has also affected the markets. However, with the recent Trump presidency and the constant changes in the SEC, XRP has some major benefits. These changes in officials may help in getting the lawsuit against Ripple dismissed.
CryptoBull2020’s Bold Predictions for XRP
CryptoBull2020 market analyst wrote on X (formerly Twitter) that XRP’s current price increase reminds him of a similar situation in 2017, which saw the token go up by a whopping 288% in a single month.
And if it continues like this, the analyst believes XRP could end December at $5 and possibly go up to $30 in January 2025.
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The monthly close around $2 would indicate a continuous uptrend, adding to the confidence of investors in the long-term potential of XRP.
Another crypto trader wrote on X, “We Will Never See XRP Go Below $1 AGAIN.”
Such bullish forecasts can be backed by Ripple’s growing ecosystem and partnership with market gurrus’ such as Elon Musk. Analysts consider these changes crucial for the further bull run in XRP.
Technical Analysis: XRP price Explosive Breakout
XRP price has to surpass its $0.70 so notably right now trading at $1.5241, marking a 190.14% price gain for the month.
This breakout brings an end to a two-year consolidation phase during which XRP moved in the range of $0.50 and $0.70. Institutional and retail buying interest is typically evident throughout the rally as the volume remains sustained.
The 13-month moving average of $0.6916 trended above the 49-month moving average of $0.5546 preparing for a prolonged bullish run. These moving averages are now acting as dynamic supports, with $0.70 firmly acting as a support for more up moves.
Overbought RSI Suggests Short-Term Caution
The RSI is at 72.45 level indicating that XRP is in the overbought zone, which means that the bullish move is powerful but can reverse in the short term.
Historical RSI patterns suggest XRP price could remain overbought during a sustained uptrend, offering room for further gains.
If XRP price maintains its momentum and breaks above $1.70, it could rally toward $2.00 or higher. Continued adoption, Ripple’s collaboration with Musk, and ecosystem growth could fuel this trend. Sustained trading volumes and positive sentiment will be critical to achieving these targets.
A failure to hold above $1.50 may trigger a retracement to the $0.70–$1.00 support zone. Declining RSI and reduced trading volume would indicate weakening momentum, increasing the likelihood of a temporary pullback.
Musk Partnership Propels XRP price to the Next Level
Ripple’s partnership with Elon Musk to adopt the XRP payment system into the X Payments platform has put the cryptocurrency on the right path to achieving mass adoption. Through the utilization of XRP which boasts fast transaction speeds and low charges, this partnership seeks to redefine cross-border payments.
Ripple’s charitable efforts with Musk’s partner at SpaceX, Jared Isaacman, further highlight its role in driving crypto adoption for good causes. This combination of technological innovation and social impact strengthens XRP’s value proposition.
