Ripple (XRP) Prepares for Potential Year-End Token Sell-Off in 2024

XRP Price Hits $1.26 Amid Legal Uncertainty and Trump Presidency Hopes

The value of XRP has recently surged to $1.26, generating excitement among cryptocurrency investors. This rally coincides with renewed optimism about potential pro-crypto policies under President-elect Donald Trump. However, ongoing legal challenges with the U.S. Securities and Exchange Commission (SEC) continue to cast uncertainty over XRP’s future.

SEC Ruling and Its Impact on XRP’s Trajectory

The SEC’s 2023 ruling, which determined XRP is not a security when sold to retail investors, has been a significant factor in the token’s resurgence. Despite this positive ruling, the SEC’s appeal has left the case unresolved.

A crucial legal date, January 15, 2025, is expected to provide more clarity for XRP investors. Experts believe Ripple may negotiate a settlement or reduced penalties, especially if a pro-crypto SEC chair is appointed. This speculation has been fueled by reports of Trump considering Brian Brooks for a high-ranking regulatory role.

Ripple CEO Brad Garlinghouse remains optimistic, stating that regulatory clarity could unlock the full potential of the U.S. cryptocurrency market. Garlinghouse recently noted, “The market is finally moving past the unlawful war against crypto,” highlighting the potential for a more supportive regulatory environment under Trump’s leadership.

Read Also: Cardano Could Surpass Ethereum, Says Top Analyst

XRP ETF Approval Could Boost Institutional Interest

Another bullish catalyst for XRP is the possibility of an exchange-traded fund (ETF) approval. Legal analyst Jeremy Hogan has predicted that an XRP ETF could receive approval by mid-2025. Such a development is expected to attract significant institutional investment and provide further legitimacy to XRP.

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XRP Pulls Back to $1.10: What’s Next for the Price?

Following its rise to $1.26, XRP’s price has retraced to $1.10, prompting analysts to closely monitor the $1 support level. Despite this dip, market sentiment for XRP remains positive.

Analysts believe that as long as XRP holds above the $0.785 support level, the next price target could reach $2, which is seen as a critical psychological barrier. Seasoned market watcher Casi Trades noted, “Long-term prospects for XRP remain between $8 and $13, but caution is needed during short-term volatility.

While technical indicators like the Relative Strength Index (RSI) hint at possible short-term price corrections, the broader outlook for XRP continues to be optimistic.

Why XRP’s Journey Matters to the Crypto Market

The trajectory of XRP’s price and legal battle with the SEC highlight the broader challenges and opportunities facing the cryptocurrency market. Ripple’s case could set critical precedents for the classification of digital assets.

Additionally, an approved XRP ETF could revolutionize institutional involvement in the crypto space. As regulatory conditions evolve, XRP remains a token to watch for its potential to influence the future of the cryptocurrency landscape.

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