XRP Price Correction Expected
According to analyst Ali, XRP’s price movement towards the $0.75 target could trigger a pullback around $0.55. It remains to be seen if the cryptocurrency will recover and continue towards $0.75 and beyond.
Ali stated on Twitter, “$XRP is moving inside an ascending parallel channel! After facing rejection at the channel’s mid-line, XRP might see a pullback toward the lower boundary, around $0.55.”
Earlier, it was reported that XRP may experience a pullback to its current level of $0.60 due to whale transactions involving 42.6 million XRP on December 15.
The Ripple SEC Lawsuit Settlement and its Impact
While many traders are optimistic about the possibility of a settlement in the Ripple lawsuit with the SEC, as well as the Ripple IPO and the approval of a spot Bitcoin ETF in the coming months, there are differing opinions based on the court ruling that declared XRP not a security. Panos Mekras, cofounder of Anodos Finance, stated on Twitter that the Ripple lawsuit is no longer relevant for XRP’s price.
Additionally, the wider crypto market is eagerly awaiting the Bitcoin Halving event in Q2 2024. Historically, this event has resulted in significant profits for Bitcoin holders. Speculation about the SEC’s approval of a spot Bitcoin ETF and the Halving event may push BTC’s price beyond its current all-time high of $69,000.
Hot Take: XRP Faces Correction Amidst Market Cap Shrink
The crypto market cap has decreased by 2.58% in the past 24 hours, with Bitcoin, Ethereum, and XRP all experiencing price drops. XRP’s price correction is anticipated, as it approaches the $0.75 target and may see a pullback to around $0.55. The ongoing Ripple SEC lawsuit settlement and the upcoming Bitcoin Halving event are factors that could impact XRP’s price in the future. While some remain optimistic about these developments, there are differing opinions based on recent court rulings. Overall, the crypto market continues to be volatile, and investors should closely monitor these factors before making any investment decisions.
By
By
By
By
By