Here’s Why XRP Price Will Hit $1 in Q4 This Year

The XRP market is waiting for a fresh bull run by Q4 based on XRP’s technical analysis, large whale accumulation, and the nearing resolution of Ripple’s legal battle with the SEC. The XRP/USD pair could finally see values near or above $1, which it hasn’t attained since 2021.

After a recent surge of over 40%, the bullish momentum appears to be slowing, raising concerns about the sustainability of the XRP price rally. The token is at a crucial point that could either spark a significant rise or lead to a 12% drop if it doesn’t hold its current support levels.

A bull or bear, where will XRP go? Let’s find out!

Breakout Potential: What’s Next for XRP?

Despite current bearish pressures, XRP is still showing signs of potential growth, with a chance to recover lost ground and possibly set new yearly highs.

The price is nearing a key breakout point, as indicated by a symmetrical triangle pattern on the weekly chart, which has been forming since early 2018. This pattern shows converging trendlines and tests the upper resistance. To reach the next major level around $1, XRP needs to first overcome the $0.86 barrier, which was significant in early 2022 and mid-2023.

Technical Indicators

Technical indicators support this positive outlook. The weekly relative strength index (RSI) is bouncing back from the 50 mark, indicating rising buying momentum. Increased trading activity, shown by the volume profile, also suggests a potential rally could be on the way.

Data from Santiment shows that major investors, or whales, have been buying more XRP recently. The wealthiest XRP holders, those with over 1 billion tokens, have increased their holdings from 40.27% to 41.44% in 2024. Whales with 1 million to 10 million XRP have also been adding to their positions.

This increase usually signals that these large investors expect prices to rise and can help push the market in that direction.

Ripple vs SEC Update

The prolonged legal battle between Ripple vs SEC appears to be nearing its conclusion. In 2023, Judge Analisa Torres ruled that XRP is not a security when sold on digital asset exchanges, marking a partial victory for Ripple. However, XRP is still considered a security when sold to institutional investors, meeting the conditions of the Howey test.

A key meeting between Ripple and the SEC to discuss potential settlements has been rescheduled to July 25, 2024. Experts believe that resolving the Ripple vs. SEC case could lead to a price surge and a possible bull run by October. Additionally, the approval of an XRP spot ETF could further boost market interest and drive up the price.

However, not everyone is optimistic. Former SEC lawyer Marc Fagel doubts a settlement will be reached, suggesting the case might continue. Ripple CEO Brad Garlinghouse, on the other hand, is hopeful for a resolution before summer ends in 2024.

Also Check Out: Ripple Fails to Attract the Bulls: How Long Will the XRP Price Consolidate Within a Narrow Range?

The XRP saga continues. Where do you see the price heading? Let’s discuss!