The XRP ecosystem has been a buzzing hive of activity, marked by Ripple CEO Brad Garlinghouse’s nod to the influential XRP community in 2023. Despite his recognition, Garlinghouse in his X post has humbly diverted praise to the loyal XRP supporters, attributing much of Ripple’s success and recent legal wins to their steadfast backing. In the midst of this the crypto market’s festive rally, led by Bitcoin’s climb to $44K, fuels optimism as we approach 2024. This bullish wave extends to altcoins, triggering XRP’s recovery.
With Communiting backing, the price of XRP doubled, leaving many crypto enthusiasts jumping for joy. Brad Garlinghouse, the CEO of Ripple, is being hailed as the “Comeback King” for leading the company to this triumph, dispelling claims that Ripple tokens were sold illegally as unregistered securities. The dismissal of the lawsuit and the SEC’s futile attempt to appeal carries significant weight, impacting how regulators approach cryptocurrencies and igniting discussions about the dire need for transparent and equitable regulatory frameworks. This win underscores the crucial significance of regulatory clarity and the powerful influence of community support within the crypto realm.
XRP Recovery Possible? If this happens…
XRP’s price is stable at $0.622, suggesting a rebound. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicate a bullish turn. A predicted break of $0.644 might launch XRP toward $0.700, a critical milestone.
In the meanwhile, bullish expectations and a cup-and-handle reversal in XRP’s daily chart support Ripple’s $1 recovery by year’s end. XRP is currently trading at $0.6498 and could go toward $0.71 as Ripple holders gain confidence in the market rally. While indicators predict a positive reversal, breaching $0.71 could lead to a large XRP increase, but a reversal at $0.70 might cause a fall to $0.58-$0.60.
At the same time, we can’t overlook the tumultuous Ripple whales, who have been adding to their holdings and now have 6.73 billion XRP. This is in addition to the XRP community. Since mid-November, these addresses—which contain 100,000 to 1 million XRP—have added 60 million tokens, worth more than $31 million. A large number of whales buying XRP at once have a track record of driving up the price of the cryptocurrency.
The collective strength of supporters, coupled with technical signals, paints a hopeful picture for XRP’s recovery. Amid legal victories and price projections, XRP’s trajectory is steered by the loyal community’s backing and influential whale activity. Can XRP mark $1? Let’s wait and watch.
