CandleFocus Here's when XRP price will break out, according to analyst
2024-10-23
Author: Content Editor
The price of XRP has been volatile in 2024, currently trading at $0.52607, down 14.26% since the beginning of the year. Factors impacting the price include the release of large quantities of tokens through the escrow schedule and ongoing legal action against Ripple Labs by the SEC. On the positive side, Ripple has expanded into DeFi, crypto custodianship, and the stablecoin market, which could potentially boost XRP. However, the bearish sentiment currently dominates, with occasional limited rallies. A technical analyst suggests that a decisive reversal may be approaching based on a historical pattern, but a breakout might not occur until August or July. The decline in XRP trading volume may also hinder a future rally.
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