XRP Eyes $2.50 Amid SEC Appeal and Expanding Blockchain Utility
Ripple has navigated significant challenges since its legal battle with the SEC began in 2020, a case alleging the sale of unregistered securities.
For nearly three years, XRP struggled to break above $1, weighed down by investor uncertainty. However, recent developments have shifted market sentiment, paving the way for potential new highs.
Ripple’s Partial Legal Victory Boosts Confidence
In August 2024, Ripple secured a partial win when the court ruled that XRP, when traded on exchanges, is not a security. This decision fueled optimism, driving XRP’s price upward. Ripple agreed to a $125 million settlement for other XRP sales, marking a critical step toward regulatory clarity.
Although the SEC has appealed the decision, with a review scheduled for January 2025, the expected resignation of SEC Chair Gary Gensler in early 2025 has bolstered investor hopes for a more favorable regulatory stance.
Blockchain Innovation Expands XRP’s Utility
Ripple’s strides in blockchain technology have introduced significant utility for XRP. The forthcoming RLUSD stablecoin, operable on both the XRP Ledger and Ethereum, is one such example. This stablecoin will rely on XRP for transaction fees, potentially driving increased adoption.
Further enhancing its credibility, Ripple has joined the Swaps and Derivatives Association, integrating XRP into mainstream financial mechanisms. These advancements underscore Ripple’s commitment to broadening blockchain adoption and positioning XRP as a vital player in global finance.
Market Sentiment Points Toward Growth
After years of stagnation, XRP is experiencing renewed bullish momentum. Veteran trader Peter Brandt identified XRP’s price movement as a breakout from a “massive coil,” suggesting further upside potential.
Market analyst Azizov highlighted the token’s prolonged accumulation phase, which often precedes significant rallies. Coupled with Ripple’s expanding partnerships and growing adoption, XRP is poised for potential all-time highs by 2025.
Daily Technical Outlook: XRP/USD – January 1, 2025
XRP/USD trades at $2.14, up 5.44% in the last 24 hours, with a trading volume of $4.68 billion. The cryptocurrency has gained traction, supported by a breakout from a descending triangle pattern.
On the 4-hour chart, immediate resistance is noted at $2.15, with further targets at $2.35 and $2.51. On the downside, key supports lie at $2.10, $1.95, and $1.79.
The RSI at 52.62 reflects moderate bullish momentum, while XRP trades near its 50 EMA at $2.15. A sustained move above $2.15 could open the door to higher resistance levels, while failure to maintain above $2.10 may trigger a pullback.
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