The price of XRP has struggled to make a significant move, remaining largely consolidated despite Ripple, the parent company, entering into several partnerships and facing notable legal and regulatory developments.
Expectations were high that XRP would experience a substantial rally after the court ruled that the token was not a security in the Securities and Exchange Commission (SEC) case.
Amid concerns about XRP’s stagnation, a crypto analyst by the pseudonym CryptoInsightUK believes the token might be on the brink of a crucial turning point. In a post on X (formerly Twitter) on December 17, the analyst projected a potential significant rally based on XRP vs. Bitcoin (BTC) chart movements.
XRP price analysis chart. Source: TradingView
He emphasized that XRP is currently positioned at the lower limit of the XRP/BTC range, with the potential for a substantial move of over 88% against Bitcoin, but there is room for more gains on the maiden cryptocurrency.
The expert suggested that the real excitement will unfold if XRP breaks and maintains a position above the rate of 0.000028 on the XRP/BTC chart. This breakthrough would push XRP beyond the critical $1 mark.
The implications of surpassing this fundamental level are substantial, as the analysis suggests the potential for an impressive 1,500% surge in value compared to Bitcoin, reaching 0.00023 on the XRP/BTC chart.
“It looks as if an it is only a matter of time for $XRP to make a 88%+ move vs $BTC. The real fun begins if we can break and hold above the top Grey box though. If we can break this box we could see a move up to 1,500% VS BTC,” he said.
XRP’s price stagnates
It’s important to highlight that the value of XRP has not moved in sync with the broader market, failing to capitalize on the gains made post-regulatory clarity. Despite expectations for XRP to surpass $1 after the court ruling, the subdued price movement has raised concerns within the crypto sector, with key players terming it ‘very strange.’
Notably, there’s an argument that XRP is still hindered by overall uncertainty in the SEC case, considering the potential for an appeal and the possibility of reaching a settlement after the initial ruling.
In the broader picture, the value of XRP appears to be at a crossroads, encountering significant resistance at $0.65, which could provide insight into its short-term trajectory. There appears to be a standoff between potential bullish momentum and bearish resistance.
A broader market rally, fueled by positive news or sentiment within the crypto space, could propel XRP higher. In such a scenario, a breakthrough beyond $0.65 might lead to testing the $0.75 zone.
XRP price analysis
Currently, XRP is priced at $0.62, reflecting substantial weekly losses of nearly 7%.
XRP seven-day price chart. Source: Finbold
Elsewhere, technical indicators obtained from TradingView suggest a bearish trend. An overview of the one-day gauges suggests a ‘sell’ at 10, aligning with moving averages at 8. On the other hand, oscillators are registering as ‘neutral’ at 8.
XRP technical analysis. Source: Finbold
Overall, the value of XRP remains a focal point, particularly in anticipation of potential key catalysts that could ignite a rally, considering concerns surrounding price stagnation.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
