While Top Altcoins Soar, Ripple’s (XRP) Sideways Dance Might Turn Into A Real 2024 Bull Stampede!

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Cryptodaily2023/12/22 18:04

By:Crypto Daily

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Ripple (XRP) vs. SEC: The Fight for Fair Crypto Rules Intensifies
Ripple (XRP) Technical Analysis
Ripple (XRP) Price Action – What’s Next?
Final Words

Today’s crypto scene is dominated by altcoins in the top-50 market cap which are continuing their bullish streak, standing in stark contrast to Bitcoin whose rally seems to be taking a breather. Traders are clearly eager to roll the dice on more adventurous investments, despite the swings we've seen as everyone holds their breath for a solid hint of what's next in the market. Adding to the suspense is the growing speculation about the approval of a Bitcoin spot ETF by the SEC, potentially slated for early January 2024 – this possibility alone has the power to significantly shift the overall mood.

But unlike its altcoin peers, Ripple (XRP) is experiencing a period of stagnation, moving sideways in the market that's otherwise on the move: its performance on the USDT-paired chart shows a consolidation phase, while XRP is losing ground against BTC. Yet, there's an air of expectation around Ripple (XRP) – will it break out of this pattern and surprise us all in the coming days?

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Ripple (XRP) vs. SEC: The Fight for Fair Crypto Rules Intensifies

The Ripple-SEC saga continues to escalate, with Ripple CEO Brad Garlinghouse taking a bold stance on social media – he's openly critical of SEC Chair Gary Gensler's latest comments about cryptocurrency compliance, accusing him of hypocrisy and linking him to what he calls "the biggest fraud in recent memory". Brad Garlinghouse hits back hard after Gensler pointed out rampant rule-breaking in crypto, something Ripple (XRP) takes very personally. He also claims that under Gensler's watch, trust is slipping and the SEC looks like it's in Wall Street's pocket.

Meanwhile, Ripple's chief legal officer, Stuart Alderoty, isn't holding back either – he's been pointing out what he sees as a string of regulatory missteps by the SEC. Alderoty calls attention to significant legal setbacks for the SEC like the Federal Appeals Court's decision in the Chamber of Commerce vs. SEC case where the watchdog was criticized for not amending stock buyback rules in time. This was seen as a clear deviation from expected legal standards. Furthermore, he highlights the SEC's reluctance to define syndicated loans as securities in the Kirschner vs. JPMorgan Chase case, a decision seemingly swayed by intense lobbying from big banks. Alderoty points out a worrying trend at the SEC , suggesting it may not be as dedicated to impartial and reliable regulation as we'd hope.

Alderoty recently dished on what he thinks the US crypto regulation scene will look like down the line. He believes the ongoing legal scuffle between Ripple and the SEC will reach a critical point, but he remains wary of the SEC's approach of 'regulation by enforcement.' Alderoty envisions the courts, possibly even the Supreme Court, stepping in as a check against SEC overreach. However, he also anticipates a standstill in Congress, with lawmakers agreeing on the need for crypto regulation but divided over the specifics. However, he worries that disagreement in Congress could put US crypto companies at a disadvantage globally, as clearer policies abroad help rivals.

Ripple (XRP) Technical Analysis

Currently trading between its first support at $0.5813 and first resistance at $0.6504, Ripple (XRP) is reflective of a market in careful balance. XRP is hovering close to its 10-day Simple Moving Average (SMA) of $0.6186, suggesting a potential pivot point for short-term movements. The 200-day SMA at $0.6276, slightly above the current price, acts as a crucial marker for longer-term trends.

While Top Altcoins Soar, Ripple’s (XRP) Sideways Dance Might Turn Into A Real 2024 Bull Stampede! image 0

Source: TradingView

The technical indicators offer a mixed perspective: the Relative Strength Index at 52.71 suggests a neutral market sentiment, while the Stochastic %K hovers at 58.28, hinting at potential upward momentum. The Average Directional Index at a low 20.37 indicates a lack of strong trend, and the Commodity Channel Index at 62.1 aligns with this sentiment of tentative optimism. The MACD level at 0.00188 and Momentum at 0.00137 further emphasize the cautious but potentially positive trajectory.

Ripple (XRP) Price Action – What’s Next?

From a bullish perspective, Ripple's (XRP) recent regulatory achievements , including obtaining a virtual asset service provider license in Ireland, a stepping stone towards expansion in Europe, could act as significant catalysts for a stronger uptrend. If XRP breaks through $0.6504, the next targets would be at $0.691 and possibly at $0.76. Such a move could be fueled by Ripple's (XRP) global licensing wins and the anticipated implementation of the MiCA law next year, which might provide the necessary momentum for a bullish run.

Conversely, in a bearish scenario, XRP’s recent price decline of 2% and 4% over seven and fourteen days, respectively, alongside reduced trading volumes and significant leveraged positions , suggests a potential for downward pressure. If XRP breaks below $0.5813, the next support levels at $0.5528 and$0.4838 might come into play. This scenario could be exacerbated by a short squeeze, driving the price temporarily above its nearest resistance before settling back.

Final Words

In today's dynamic cryptocurrency market, top-50 altcoins continue their bullish run, contrasting with Bitcoin's slowdown, while Ripple (XRP) uniquely stagnates, trading between key support and resistance levels. Amid whispers of upcoming regulatory moves and the buzz around a potential Bitcoin ETF green light, XRP's fresh licensing triumph in Ireland stirs the pot even more. As Ripple CEO takes on the SEC, openly criticizing the regulatory playbook, it's not just their market game that might change but potentially the whole U.S. regulatory scene too. Garlinghouse's public clash with the SEC throws a wrench into how the US authorities stack up in the global crypto game, influencing not just Ripple (XRP), but also setting precedents that could reshape our competitive edge.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Delta Airlines lowers its annual profit forecast due to an expected increase in fuel costs to $6 billion. The CEO stated that ticket prices have risen by about 20% this year, with limited passenger resistance. Analysts warn that maintaining high ticket prices in 2027 is critical for improving profitability. The article includes comments from the earnings call and analyst remarks. Rajesh Kumar Singh/Shivansh Tiwary, Reuters Chicago, October 9 - Delta Airlines (DAL.N) said on Friday that, despite strong travel demand and rising ticket prices, soaring fuel costs have forced it to cut its 2026 profit expectations by nearly a quarter. So, the airline industry may need to further limit flight growth next year to protect profitability. This warning highlights the increasingly tough challenges faced by U.S. airlines. While strong demand and restricted seat growth have allowed airlines to significantly raise ticket prices and offset higher fuel costs, aggressively increasing flights to capture more demand may intensify competition, making it harder to maintain high fares and protect profits. Based in Atlanta, Delta now expects its annual fuel expenditure to increase by about $6 billion compared to last year—about $2 billion higher than its July forecast—due to the Iran war (link) causing global jet fuel prices to spike. Airlines worldwide are preparing for a prolonged fuel shock. Michael O’Leary, CEO of Ryanair Group RYA.I, said Thursday that high jet fuel prices could persist for another 12-18 months (link), adding more pressure on airlines to raise fares and control costs. https://www.reuters.com/graphics/AUTOMATED-20261008/A4A-JET-FUEL-DAILY-1Y/xmpjwjnmbvr/chart.png “In a high-cost environment, you can’t simply grow your way out,” Delta CEO Ed Bastian said on the earnings call. He noted that the industry has already taken steps to restrict capacity, but more measures will be needed next year to improve profitability. Bastian said Delta raised ticket prices about 20% this year, and passenger resistance has been limited. He is confident that even if fuel costs eventually drop, the high fares can still be maintained. Delta lowered its adjusted annual earnings per share forecast from the July prediction of $6.50-$7.50 to $5.10-$5.60. According to LSEG data, the midpoint of the new range is below analysts’ average expectation of $5.46. Third-quarter adjusted earnings per share were $1.72, four cents below analysts’ average forecast. In midday trading, shares of Delta dropped 1.7%, United Airlines UAL.O fell 1.4%, and both American Airlines AAL.O and Southwest Airlines LUV.N were down about 1%. Delta partly shields itself from rising fuel costs by owning a refinery outside Philadelphia (link), which is expected to generate over $700 million in profits this year. Even with this buffer, the airline expects its fourth-quarter fuel price to rise from $3.61 per gallon in Q3 to $4.25 per gallon. Delta forecasts adjusted fourth-quarter earnings per share to be between $1.15-$1.65, with the $1.40 midpoint roughly matching analysts’ average expectation of $1.39. Fare increases Government data shows that in the first eight months of 2026, U.S. airlines spent $42.9 billion on fuel, an increase of $13.2 billion compared to the same period last year despite slightly reduced consumption. According to the U.S. Bureau of Labor Statistics, strong demand and limited seat growth pushed average U.S. airline ticket prices up by about 25% year-on-year between April and August. https://www.reuters.com/graphics/USA-AIRLINES/FUEL/lbpgdnbzwvq/chart.png Analysts at Melius Research said that despite surging fuel costs, Delta’s ability to raise fares helps keep second-half profits roughly stable. Still, they warn that the company’s profit margin has struggled to improve over the years. “It is critical for margin improvement to maintain or raise fares in 2027,” they wrote in their research report. With industry capacity growth expected to accelerate in Q4, this challenge will likely become even tougher. Deutsche Bank analysts expect the proportion of fuel costs recouped through revenue measures to fall in Q4 and predict full recovery won’t happen until early 2027. Bastian noted that low industry returns are another reason for limiting capacity growth. He said Delta will be cautious with its 2027 capacity plan until the fuel price outlook becomes clearer. He added that international routes may account for a larger share of Delta’s capacity expansion compared to domestic routes. Currently, Delta says its premium cabins and corporate travel business remain strong, and its economy cabin business is gradually improving. With Q4 ticket bookings already exceeding 60%, Delta expects revenue to increase about 20% year-on-year, despite limited capacity growth. Executives said early booking trends for Q1 2027 are also encouraging. (For the convenience of non-native English speakers, Reuters automatically translates its reports into several

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