XRP, the cryptocurrency closely associated with blockchain payments firm Ripple, is likely to see heightened volatility through the rest of 2024 as regulatory concerns continue to loom. According to market analysts, the token’s price is projected to move between $0.50 and $0.80, heavily influenced by the ongoing legal battle in the U.S. regarding Ripple’s past sales of XRP.
Despite a recent court filing from U.S. regulators not directly challenging the ruling that XRP is not a security, the appeal has cast uncertainty over Ripple’s actions, particularly concerning the sales made by Ripple’s leadership, including CEO Brad Garlinghouse and co-founder Chris Larsen. This legal ambiguity may cause investors to adopt a more cautious or “risk-off” approach, resulting in unpredictable price movements for XRP.
Ryan Lee, chief analyst at Bitget, expressed that XRP’s price could continue to fluctuate in the coming months, especially as the regulatory situation remains unresolved. “XRP’s price is expected to move within a range of $0.50 to $0.80 by year-end, although this is largely dependent on future regulatory decisions and overall sentiment, especially in the U.S. market,” Lee commented in an October 18 report.
This uncertainty around Ripple’s legal standing is reflected in recent price trends. While XRP managed to touch a high of $0.71 earlier in the year, the token has not surpassed the $0.80 level since March 2022. At the time of writing, XRP is trading around $0.55, underscoring its ongoing price instability.
Ripple’s legal team, led by chief legal officer Stuart Alderoty, has indicated that the legal proceedings could extend until mid-2025. Analysts, including Lee, believe the final outcome of the case could significantly impact XRP’s future price performance. “A favorable ruling or growing international support for Ripple could push XRP’s price upwards, while a negative outcome might lead to further declines,” Lee noted.
The regulatory uncertainty surrounding XRP may lead to more cautious investment behavior, especially as the appeal introduces further legal ambiguity in the U.S. crypto landscape. Investors are expected to watch closely for any developments that could offer clearer guidance on the future of XRP in the market.
Summary Review: XRP may experience significant price fluctuations ranging between $0.50 and $0.80 for the remainder of 2024, according to an analyst. The price swings are largely dependent on ongoing regulatory developments, particularly the recent U.S. appeal regarding Ripple’s sales of XRP. Investors are expected to take a cautious approach as they await clearer legal outcomes.
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