Ripple (XRP) has captured significant attention in the crypto market. Recent developments have sparked optimism among market experts, suggesting that XRP price may be poised for a significant price surge. This article explores the bullish factors driving XRP’s potential rise, the impact of the ongoing Ripple vs. SEC lawsuit, and the overall market outlook for XRP in 2024.
1- Ripple vs. SEC Lawsuit Update
The ongoing SEC lawsuit against Ripple is a critical factor influencing XRP price. The final ruling by Judge Analisa Torres is anticipated by the end of July 2024. Notably, political developments, such as Donald Trump’s statements at the Bitcoin conference, could impact the lawsuit’s outcome. Trump’s promise to replace SEC Chair Gary Gensler if elected might signal a more favorable regulatory environment for Ripple.
2- Abnormal Liquidation Imbalance
Recently, XRP experienced a 757% imbalance between bullish and bearish liquidations. Data from CoinGlass indicated $2.04 million in long position liquidations versus $264,310 in short position liquidations over 24 hours. This unusual pattern could signify a period of stabilization or further fluctuations for XRP. The “sell the news” effect following announcements at the Bitcoin 2024 conference and over-leveraged positions contributed to this imbalance.
Market Activity and Derivative Trading
XRP’s derivative trading volumes jumped by 44%, reflecting increased market activity and speculation. Despite bearish investors profiting during the price decline, bullish investors faced substantial losses, raising questions about the market’s near-term trajectory.
3- XRP Price Analysis
Interest in XRP has surged due to several positive indicators identified by experts. On-chain metrics reveal mixed signals for XRP. While traders have been taking profits recently, resulting in selling pressure, the number of active addresses has doubled, indicating increased demand and relevance among traders. The Network Realized Profit/Loss metric shows positive spikes, suggesting traders are profiting from their XRP holdings.
Since 2021, Ripple XRP has struggled to reclaim the $1 mark, primarily due to its prolonged legal battle with the SEC. Positive developments in this case have periodically boosted XRP’s price. As we approach Q4 2024, several catalysts suggest that XRP might be ready to soar. These include active accumulation by whales, strong daily performance, and the nearing resolution of the Ripple vs. SEC case.
Whale Accumulation
Whales, or large-scale XRP holders, have been actively accumulating the token throughout 2024. This bulk buying creates bullish momentum, although a massive surge has yet to materialize.
Technical Analysis
XRP’s daily performance has been noteworthy, with the asset maintaining levels above $0.55 despite bearish market sentiment. Recent gains include a 10.4% increase over the past week, a price surge of 1.62% over the last 7 days, and a 29.16% climb over the previous month.
XRP is likely to collect liquidity in the Fair Value Gap (FVG) between $0.5945 and $0.5783. If XRP bounces off support at $0.5632, it could target the 78.6% Fibonacci retracement level of $0.6666, representing an 11% gain from its current level. The Moving Average Convergence Divergence (MACD) indicator shows green histogram bars, signaling underlying positive momentum.
4- XRP Price Prediction
XRP’s price increased by 0.46% recently, trading at $0.6030. On both hourly and daily charts, XRP is trading within a local channel, indicating ongoing sideways movement. If this trend continues, traders may see consolidation between $0.58 and $0.65 in the coming weeks.
In a positive outlook, if XRP price manages to break out from $0.60 mark, this would push a potential [rice surge to $0.65 next and higher afterward. Yet, in a negative outlook, it could break out from the $0.60 mark to lows of $0.58 and lower.
Ripple (XRP) exhibits several bullish factors that could drive its price higher in 2024. From whale accumulation and strong daily performance to the anticipated resolution of the Ripple vs. SEC lawsuit and the abnormal liquidation imbalance, these elements contribute to an optimistic outlook for XRP. As market conditions evolve, XRP’s price trajectory will be closely watched by investors and analysts alike.
