Will Ripple (XRP) Price Skyrocket in 2024? Multiple Things to Consider
XRP price continues to chart a falling wedge with key support at the $0.62 level. This is often a bullish reversal pattern. Could Ripple skyrocket in 2024?
Although Ripple’s price didn’t post the 150% profit that Bitcoin delivered investors in 2023, XRP still had a phenomenal year. Moreover, the protocol scored key legal victories against the SEC.
Tokens for the multi-currency cross-border settlements protocol by Ripple Labs delivered 80% returns over the previous year, rallying from $0.348556 on Jan. 2, 2023, to $0.630082 to close on Jan. 1, 2024.
Bitcoin delivered almost twice the profits of Ripple tokens in market exchange value. However, the XRP price still rallied over three times higher in 2023 than the SP 500 Index in an especially good year for stocks. The broad U.S. stock benchmark closed out the year with 24% gains to show for it.
Bullish XRP Price Technical Indicators
Ripple continues to chart a falling wedge pattern with support at the $0.62 level since a five-month high exchange rate of $0.72 per 1 XRP on Nov. 6, 2023. Peak prices of $0.67 on Dec. 8, $0.65 on Dec. 25, and $0.63 on Jan. 1, 2024, form the descending line of key resistance for XRP price.
Ripple’s price move above the 200-day simple moving average, especially with the 50-day moving average converging on the 200-day trend line, could indicate the market is in the beginning stages of a major move to higher levels of key support and resistance for XRP price.
Positive Ripple News Developments
On Monday, Nasdaq syndicated a positive forecast for XRP gains by The Motley Fool based on developments in Ripple’s business and the courtroom battle ahead with the SEC.
As a result of its extensive international footprint, Ripple does not even rely on the U.S. market for its business. In fact, over 90% of its payments volume is outside the United States. Ripple Labs obtained a license to handle payments in Singapore in October, for example. The company has developed strong partnerships with U.S. and foreign banks to deliver cross-border financial services. Moreover, it has the expertise and positioning to power multiple central bank digital currencies for sovereign powers.
Meanwhile, support for XRP by the crypto trading industry remains strong. The tokens recently got another trading pair in USDC on Binance.
XRP price is likely to benefit from the Bitcoin ETF approvals coming up and the BTC halving in April. The four-year supply cut has historically been a rising tide that lifts all boats.
Meanwhile, if you’re interested in learning 5 must-know things before the upcoming Bitcoin halving, feel free to take a look at our most recent video below:
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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