Will ripple (XRP) Price Rise in 2024? Multiple Things to Consider
Although Ripple’s price does not indicate the 150% profit that Bitcoin provides investors in 2023, XRP still had a phenomenal year. Additionally, the protocol achieved significant legal victories against the SEC.
Tokens for Ripple Labs’ multi-currency cross-border settlement protocol returned 80% over the previous year, rising from $0.348556 on January 2, 2023 to $0.630082 to close on January 1, 2024.
Bitcoin has gained almost twice as much profit in market exchange value as Ripple tokens. But the XRP price is up three times more than the S&P 500 Index in 2023, despite what has been a particularly good year for stocks. The broad US stock index ended the year with a 24% gain.
Bullish XRP Price Technical Indicators
Ripple continues to chart a falling wedge pattern with support at $0.62 since the five-month high exchange rate of $0.72 per 1 XRP on November 6, 2023. Peak prices of $0.67 in December 2023. $0.65 on December 8, 25 and $0.63 on January 1, 2024 form the key descending resistance line of XRP price.
Ripple’s price action above the 200-day simple moving average, especially the 50-day moving average approaching the 200-day trend line, could indicate that the market is in the beginning stages of a major move towards higher key support and resistance levels. For the price of XRP.
Positive Volatility News Developments
On Monday, Nasdaq issued The Motley Fool’s bullish forecast for XRP gains based on developments in Ripple’s business and the upcoming courtroom battle with the SEC.
As a result of its extensive international footprint, Ripple does not even rely on the US market for its business. In fact, more than 90% of payment volume is outside the United States. Ripple Labs, for example, received a license to manage payments in Singapore in October. The company has developed strong partnerships with U.S. and foreign banks to provide cross-border financial services. It also has the expertise and position to power multiple central bank digital currencies for sovereign powers.
Meanwhile, the crypto trading industry’s support for XRP remains strong. The tokens recently received another trading pair in USDC on binance.
XRP price is likely to benefit from the upcoming Bitcoin ETF approvals and BTC halving in April. Four years of supply disruption has historically been a rising tide that lifts all boats.
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