Ripple (XRP) price analysis
In the weekly chart, the XRP price action reveals a triangle pattern formation. With a solid support trendline, the recent bull cycle within the pattern challenges the overhead trendline.
Currently, it is taking support at the confluence of the 50-week and 200-week EMA in a sideways trend in a bullish alignment. Furthermore, the XRP price struggles to surpass the 23.60% Fibonacci level at $0.5993 in the weekly chart.
Facing multiple higher price rejections, the weekly closing above this level is yet to be achieved. Last week, the XRP price dropped 8.76% and is currently trading at $0.5542 with a weekly return of 1.19%.
In the recent turn of events, the attorney Fred Rispolli has downplayed the recent concerns of the SEC appealing the XRP ruling. As per his point of view, the ruling is unlikely until 2026, which will have little to no impact on the XRP price.
Hence, the upcoming XRP prices will likely be independent and not depend on the ongoing lawsuit. Meanwhile, Ripple has requested a stay order on the $125 million penalty announced in the recent events.
Further, Ripple CEO Brad Garlinghouse has announced the upcoming release of Ripple USD stablecoin and the active efforts to boost the XRPL ecosystem with smart contract capabilities in the Ripple blockchain.
Despite the recent key developments, the XRP price has not found any positive impact and continues to follow a sideways trend after the bearish impact.
The ongoing bear market remains a key reason behind the need for the bullish impact of such major developments. Hence, with a broader market recovery anticipated by late 2024, the bull run in XRP will likely surpass the 23.60% level.
Based on the Fibonacci levels, the price targets 2026 stand at $1.29 and $1.56.
Currently, it is taking support at the confluence of the 50-week and 200-week EMA in a sideways trend in a bullish alignment. Furthermore, the XRP price struggles to surpass the 23.60% Fibonacci level at $0.5993 in the weekly chart.
Facing multiple higher price rejections, the weekly closing above this level is yet to be achieved. Last week, the XRP price dropped 8.76% and is currently trading at $0.5542 with a weekly return of 1.19%.
In the recent turn of events, the attorney Fred Rispolli has downplayed the recent concerns of the SEC appealing the XRP ruling. As per his point of view, the ruling is unlikely until 2026, which will have little to no impact on the XRP price.
Hence, the upcoming XRP prices will likely be independent and not depend on the ongoing lawsuit. Meanwhile, Ripple has requested a stay order on the $125 million penalty announced in the recent events.
Further, Ripple CEO Brad Garlinghouse has announced the upcoming release of Ripple USD stablecoin and the active efforts to boost the XRPL ecosystem with smart contract capabilities in the Ripple blockchain.
Despite the recent key developments, the XRP price has not found any positive impact and continues to follow a sideways trend after the bearish impact.
The ongoing bear market remains a key reason behind the need for the bullish impact of such major developments. Hence, with a broader market recovery anticipated by late 2024, the bull run in XRP will likely surpass the 23.60% level.
Based on the Fibonacci levels, the price targets 2026 stand at $1.29 and $1.56.
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