XRP price action has been slow recently; it remains around $0.53 and shows a drop of 7% compared to the previous month. Many investors become frustrated when they see the altcoin stagnating after a slight increase recently.
Despite the weak performance, technical analysts are starting to see possible signals of a major change despite the negative mood; If XRP does indeed cross a significant Fibonacci retracement level, they predict a strong recovery.
Market analyst “Random Crypto Pal” believes XRP is poised for an “explosive” breakout. On social media, he shares his observation and highlights the importance of the 0.236 Fibonacci level, which XRP has not yet reached but is approaching. If this level gives way, he expects a price explosion similar to that observed in 2017.
Once #XRP rises above .236 fib on 2017 #XRP THE EXPLOSION is coming
Only PURE FACTS
As
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– Random Crypto Pal (@RandomCryptoPal) October 13, 2024
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XRP’s trajectory towards $0.80
The 0.236 Fibonacci level that analysts have on their radar would see a price slightly above $0.80. XRP is currently trading at $0.548, so you would need to make a gain of around 45% to get a price. When it reaches this $0.80 threshold, the huge returns can appear quite quickly for the coin.
In 2017, XRP fails to break this level. At the resistance level, it is not really possible to predict if or when the rally might occur, nor how much the price will rise.
Ripple legal dispute
The main obstacle likely to dampen this confidence is the long legal dispute between XRP and the United States Securities and Exchange Commission (SEC). The ambiguity surrounding this dispute continues to affect investor sentiment. The SEC has classified the majority of altcoins as investment contracts; Nonetheless, XRP has faced intense scrutiny, making it one of the most legally complicated digital currencies.
The court’s ruling that XRP is not a security was a major victory for Ripple Labs, but it was nearly challenged by an SEC appeal. The ongoing lawsuit between Ripple and the SEC leaves uncertainty over how long the cryptocurrency will face this uncertainty.
Anticipation of a promising future?
XRP could therefore present the path to survival through institutional investment despite legal ambiguity. Bitwise and Canary Capital appear to believe in the coin by pushing for a US-based XRP ETF. This tool would certainly improve the position of XRP and could attract more investments. Additionally, the progress of the XRP Ledger sparks a sense of optimism within the community.
The possibility of XRP surpassing $0.80 and triggering further upside remains to be seen. Nevertheless, due to the influence of technical, legal and institutional considerations, investors are closely monitoring upcoming developments.
Featured image from iStock/Getty Images Plus, chart from TradingView
