Following a notable rise in July of the previous year, Ripple’s XRP has seen its value diminish due to a combination of factors including false reports involving BlackRock and a general air of pessimism stemming from an ongoing legal dispute. The expanding total supply further exacerbates investor concerns, adding to the downward pressure on the cryptocurrency’s price.
Recent Price Trends of XRP
XRP saw its value climb consistently along a rising support line for a protracted period of 440 days, reaching a high of $0.94 in July 2023. However, various factors led to a price descent starting thereafter, culminating in a January break below the long-established support trend. This rupture also meant the crypto asset lost a major long-term horizontal support.
The prevailing sentiment in the wider cryptocurrency market is bearish, as reflected in the negative weekly RSI for XRP. Contributing to this is the decline in Bitcoin’s value, influenced by unfavorable inflation data, which in turn negatively impacts the broader crypto market.
What Experts Forecast for XRP
Opinions among analysts about XRP’s future value vary, with one expert under the moniker XRP_Wizardry setting an ambitious target of $10-13 during the current bull season. This forecast hinges on XRP reaching a market value well beyond the half-trillion-dollar mark, an outlook that appears optimistic, especially considering Bitcoin’s aim for a one trillion dollar evaluation. With a circulating supply that could remain near 50 billion units, predictions are more conservative for XRP, with some experts suggesting a peak of $1.3-1.4 if the market cap from the peak in 2021 is matched.
Current trading activity shows XRP below the key $0.55 resistance level, struggling to rally from the $0.5 support. Social media commentary reflects a bleak outlook for 2024, influenced by the ongoing lawsuit and concerns over circulating supply. The potential for upward movement seems limited, with resistance levels at $0.61 and $0.55, while support is looking towards $0.47.