The cryptocurrency market in 2024 has seen a surge of activity, with significant rallies for major cryptocurrencies, approvals of Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs), and the BTC halving event in April.
Amid these developments, XRP has garnered substantial attention. Despite being largely absent from the bull run, XRP is generating optimism due to recent legal advancements between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
EGRAG CRYPTO, a noted analyst, recently highlighted a potential major price increase for XRP based on two key patterns: “The White Channel” and the “White Triangle.”
XRP 7-day price chart. Source : Finbold
As of this writing, XRP trades at $0.5167. In the past 24 hours, XRP has experienced a 0.75% decline, reflecting bearish market sentiment.
XRP faces additional scrutiny with the possibility of Ripple selling 400 million XRP in June, marking the largest dump in seven years, as reported by Finbold. This significant sale could impact XRP’s market dynamics and potentially slow down an expected bull rally this cycle.
Therefore, investors should consider these factors carefully, recognizing the speculative nature of such predictions and the formidable hurdles that XRP must overcome to achieve unprecedented growth.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
