The post XRP Price Analysis: Can Ripple Recover Above $1 This Year? Technical Analysis Gives Surprising Answer appeared on BitcoinEthereumNews.com.

During the year 2024, cryptos will boast increased growth and popularity while Ripple’s XRP takes front row in discussions as investors question its capability to trade higher than the important $1 level. As the legal case against the operations of Ripple continues, XRP’s fate is still uncertain due to its regulator, the U.S. Securities and Exchange Commission (SEC). Since then, there are many sources of pessimistic factors that hinder any kind of raise; yet, there are some signs that give hope for the raise. Can XRP Recover Above $1? The big question remains: Will XRP be able to trade above $1 before year end? The answer to this question implies the analysis of the situation on the market and evaluation of the technical conditions of the organization. The legal case with the SEC remains effectively undecided for XRP, making it somewhat risky. The latest appeal by the SEC has further postponed the result which is not good for investors who are now on the edges. But if Ripple gets another positive decision, there is a great possibility that XRP will have an explosive movement and may go back to $1. Also, Ripple’s co-founder Chris Larsen, announced a $10,000,000 donation toward Kamala Haris, the sitting vice-president. This sparked debate among investors, about the future outlook of the coin and if a $1 rally is even possible. But from a purely technical view, XRP has some ground to cover before achieving this. The coin encounters major resistance at $0.70 and unless it breaks this level it will not be easy for the coin to rise again above $1. However, the Relative Strength Index (RSI) of XRP is at the same level as the oversold value which is quite favorable for near-term bounce back. Currently it’s holding its accumulated support near $0.50, trading…

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Filed under: News - @ October 24, 2024 2:22 am