The cryptocurrency market has entered a bullish phase, with Bitcoin (BTC) recently rising above $71,000. While many altcoins are benefiting from this upward trend, Ripple’s token, XRP, has encountered obstacles and is currently trading at around $0.52, down about 4% over the past week. Despite these challenges, could a significant breakout be just around the corner for XRP?
Analysts are divided on the future. Here’s what everyone is saying.
Ripple Struggles – Can It Break Through?
XRP has seen a notable decline, currently sitting over 80% below its peak prices. It has hit strong resistance around $0.55, influenced by the 100 and 200-day moving averages. This situation has caused a sharp pullback, bringing XRP close to a crucial support level. Analysts suggest that it may remain stuck in a period of sideways movement as it tries to find stability.
Adding to the uncertainty is the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). Recently, the SEC appealed a favorable ruling for Ripple, which determined that XRP sales to retail investors did not violate securities laws. This legal challenge has complicated XRP’s ability to gain traction in the market.
Bullish Predictions for XRP Price
Despite these hurdles, some analysts remain optimistic about XRP’s future. Prominent crypto trader EGRAG CRYPTO believes XRP could soar to as high as $7.50 by the end of 2024. However, this bullish scenario depends on XRP breaking through the $0.5930 resistance level within the next two days.
Another analyst, Dark Defender, adds to the optimism by noting that XRP often begins to rise when Bitcoin’s market dominance falls. Currently, Bitcoin’s dominance is close to 60%, creating uncertainty about when XRP might gain momentum.
Signs of Growing Engagement
On a positive note, various metrics related to XRP have shown encouraging signs of growth. On October 28, there was an increase in executed transactions, new account activations, and overall payment volume within the XRP ecosystem.
These rising metrics indicate heightened demand and engagement, potentially setting the stage for a price increase. Increased activity in the XRP network often suggests growing confidence among investors, which could lead to more capital flowing into the market.
Is XRP ready to break out, or is it stuck in neutral? Share your opinion.
