XRP Price Analysis 2024: Legal Victories and Positive Developments Propel Ripple’s Token to 80% Gains

Ripple’s XRP Sees Phenomenal Year and Legal Victories Against SEC

In 2023, Ripple’s XRP token did not observe the same 150% surge in value that Bitcoin did, but it still had an exceptional year. Moreover, the Ripple protocol won significant legal battles against the SEC. The tokens for Ripple’s cross-border settlements platform delivered an impressive 80% return over the past year, with values surging from $0.348556 on January 2, 2023, to $0.630082 at the end of January 1, 2024. Although Bitcoin generated greater profits in market exchange value, XRP tokens still rose over three times higher in 2023 compared to the S&P 500 Index, which had a particularly good year for stocks, closing the year with 24% gains.

Bullish XRP Price Technical Indicators

Ripple’s price has been following a falling wedge pattern with a support level of $0.62 since November 6th, 2023, after reaching a five-month high exchange rate of $0.72 per 1 XRP. The descending line of key resistance for XRP price is formed by the peak prices of $0.67 on December 8th, $0.65 on December 25th, and $0.63 on January 1st, 2024. If the price of Ripple moves above the 200-day simple moving average and the 50-day moving average converges on the 200-day trend line, it could indicate a potentially significant move towards higher levels of key support and resistance for XRP price.

Positive Ripple News Developments

On Monday, Nasdaq made a positive forecast predicting the growth of XRP, based on Ripple’s business advancements and the upcoming legal battle with the Securities and Exchange Commission (SEC), as reported by The Motley Fool. Ripple’s vast international presence enables it to operate without relying on the US market. In fact, over 90% of its payment volume is conducted outside the United States. In October, Ripple Labs was granted a license to manage payments in Singapore and has formed strong partnerships with US and foreign banks to provide cross-border financial services. Additionally, Ripple holds the necessary expertise and positioning to power multiple central bank digital currencies for sovereign powers.

Furthermore, the cryptocurrency trading industry has shown its support for XRP as the tokens recently received another trading pair in USDC on Binance. XRP’s price is expected to benefit from the approval of Bitcoin ETFs and the BTC halving in April. The four-year supply cut has historically resulted in a rising tide that lifts all boats.

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