Bitget’s chief analyst, Ryan Lee, predicts that XRP’s price will likely stay between $0.50 and $0.80 for the rest of 2024. This range is shaped by ongoing regulatory events and the unresolved legal case between Ripple and the U.S. Securities and Exchange Commission (SEC). With these factors in play, many investors are taking a cautious, “wait-and-watch” approach.
Let’s dive into the analyst’s observations to map out our next moves for the market.
The SEC’s recent appeal in its case against Ripple has added to market anxiety. While the appeal does not challenge the previous ruling that XRP is not a security, it seeks a review of the sales made on exchanges and personal sales by Ripple’s CEO Brad Garlinghouse and co-founder Chris Larsen. This brings further legal uncertainty, especially for U.S. participants, and is expected to cause more price swings for XRP.
As the market considers the potential legal outcomes, XRP could see a significant price range of up to 50% due to the ongoing uncertainty.
Will This End in 2024? Probably Not.
Ripple’s Chief Legal Officer, Stuart Alderoty, indicated that the legal briefing process could last until July 2025. This means regulatory challenges will likely continue influencing XRP’s price for the foreseeable future. Lee stressed that the final ruling will be crucial for setting XRP’s direction, as the court’s decision could either boost its value or drag it down.
Adding to the mix, Tim McCourt, Senior Managing Director at CME Group, mentioned on October 16 that progress has been made toward launching an XRP exchange-traded fund (ETF). With a reference rate and real-time index already set up, the groundwork is in place, although a fully established ETF is still in the works.
Ripple’s launch of the RLUSD stablecoin could act as a potential price driver for XRP. If XRP becomes closely involved in the stablecoin’s ecosystem, it could push the price up to $1 or even $2, as long as key resistance levels are overcome. On the other hand, if XRP’s role in RLUSD remains limited, its price might fall below $0.50.
Ryan Lee’s outlook highlights how U.S. regulatory developments are crucial to XRP’s price trajectory. A positive court ruling could lift the asset’s value, while a negative outcome may pull it down. XRP last exceeded $0.80 in March 2022, and its peak for 2023 was $0.71. Currently trading at $0.55, it has seen a slight 0.42% increase since October 18.
Until there is more legal clarity, investors should expect continued price swings and proceed with caution.
The XRP rollercoaster continues. Only time will tell where this ride will end.
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