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When it comes to cryptocurrencies, all investors are keeping an eye on the ongoing lawsuit between Ripple and the SEC, which also affects XRP. This lawsuit, which has not been resolved for the last 3 years, is considered one of the biggest pressures on cryptocurrencies. The interim victory for Ripple last August had given hope to supporters and XRP investors, but the process seemed to be leading to diminishing hope for the altcoin, even as the market was rising.
What Will XRP Be Worth According to Analysts?
In the final period of 2023, while the cryptocurrency world witnessed incredible price surges, XRP, so to speak, stayed in place. In 2024, the approval of a spot Bitcoin ETF was another significant event that hindered the rise of XRP amid falling market conditions.
Recent major theft incidents involving XRP and similar developments have caused great uncertainty among investors and analysts. However, one analyst appeared to be more optimistic about XRP.
When conducting a weekly review, the RSI value that emerged in the Bitcoin-XRP trading pair was reflected in the XRP chart highlighted by Dark Defender, who attracted attention with his posts on ‘X’. According to the analyst’s post, today’s situation shows parallels with the bull movements of 2017 and 2021.
When the calendar showed December 2017, XRP made a price move from about $0.20 to the ATH level of $3.84, which it would reach on January 4, 2018, in just one month. A similar situation occurred during the price rally of 2021, where it rose from $0.50 to over $1.50 in a short period.
After examining all these factors, Dark Defender stated that XRP could experience a bull run in 2024 and rise to $2.
XRP Price Analysis
If there is a potential price increase in XRP in the coming days, this movement could be seen as a continuation of its recent performance. Looking back at the last year, XRP has shown a general upward trend over the past 52 weeks, moving positively by 44.76% according to the time frame.
As of the time of writing, XRP is trading at $0.5557, up 0.14%. This shows how far XRP has moved away from the critical support level of $0.50, which can be considered a positive outlook among investors.
At the same time, there was a 0.1% increase in XRP’s volume, which is now over $30 billion. The 24-hour trading volume has also risen by 32% to $933 million.
