As the final week of December unfolds, we are mere hours away from welcoming 2024. The expectations for Ripple‘s XRP coin remain a topic of interest following a summary judgment victory in July. However, the coin has struggled to recover from the fallout of the fake BlackRock application, underperforming in the market.
Ripple (XRP) has failed to sustain the momentum needed to breach the $0.65 supply zone, causing it to lose the critical region it had barely surpassed. Currently, the popular altcoin is trading at $0.63, still reeling from the impact of the BlackRock application fiasco.
Since the week of November 13, XRP Coin has been moving almost horizontally, managing to reclaim the $0.63 level after a week. It continues to fluctuate within a parallel channel, maintaining support at the $0.57 level.
To initiate the anticipated rally, XRP must overcome the $0.75 mid-area, which it failed to hold during the weeks of November 6 and 13. A recent attempt in the week of December 4 was thwarted by selling pressure, as indicated by the long upper wick on the price chart.
Investors are currently gravitating towards alternatives that promise quicker returns. While altcoins like SOL, MINA, and AVAX are experiencing substantial capital inflows and double-digit gains, leading cryptocurrencies such as XRP, BNB, and ETH remain relatively calm, a phenomenon that is not entirely surprising given past trends.
If XRP Coin’s price can surpass $0.75, it may aim for the $0.9348 ceiling. Surpassing that could lead to a movement towards $1.35. On the downside, critical supports are in place, with potential targets at $0.46, $0.42, and then $0.38.
The future of XRP Coin will be significantly influenced by the United States’ crypto regulations. Coinbase and Ripple, along with other crypto firms in the region, are collaborating to ensure a favorable outcome. Positive developments could significantly impact XRP’s future, such as the expected end of a lawsuit by mid-next year or potential R&D agreements with financial institutions in the RWA space. However, investors remain cautious, anticipating a collective appeals process post-lawsuit, which may delay any parabolic rally until possibly the end of 2024.