Can Ripple Come Back to $1 in 2024? Analysing the Potential Surge

Ripple (XRP) has had a turbulent few years, largely due to its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). 

However, things are starting to look up for Ripple, and many investors are wondering whether XRP could return to the $1 mark in 2024. 

With recent legal wins and bullish technical patterns forming, there’s growing optimism surrounding the potential for a significant price surge. 

In this article, we’ll take a closer look at Ripple’s current position and the factors that could lead to a rally back to $1.

Ripple’s Legal Battle with the SEC: A Positive Outlook

Ripple’s legal struggle with the SEC has been one of the most closely watched cases in the crypto space. 

The lawsuit, which began in December 2020, revolves around whether XRP should be classified as a security. 

The SEC claimed that Ripple had conducted an unregistered securities offering by selling XRP, but Ripple has consistently fought back against these allegations.

As the case progressed, Ripple has secured several key wins, strengthening its position against the SEC. 

Notably, in 2023, a judge ruled that Ripple’s XRP sales on secondary markets do not constitute securities, a significant blow to the SEC's argument. 

This victory, among others, has brought hope to XRP holders and has cast doubt on the SEC’s ability to successfully win the case.

With the legal battle appearing to tip more in Ripple’s favor, there is optimism that the case may be nearing its end. 

Some legal experts predict that the case could be resolved in Ripple’s favor in 2024, potentially removing a significant cloud of uncertainty that has hung over XRP for years. 

If Ripple wins or reaches a favorable settlement, the floodgates for institutional and retail investment could open, leading to a significant price increase for XRP.

Bullish Patterns and Price Momentum: Can XRP Hit $1?

Thanks to Ripple's positive legal developments, XRP has seen a notable price increase recently.

At the time of writing, XRP is forming a long-term bullish pattern known as the "bullish rectangle pattern," a type of consolidation that often leads to a breakout in price. 

Alternatively, some analysts view XRP’s recent movements as a "bullish flag pattern," another chart formation that signals potential upward momentum.

^{XRPUSD Daily Chart / Source: Tradingview}

These bullish patterns indicate that XRP may be gearing up for a significant breakout. However, for XRP to continue its upward trend and reach $1, it needs to break through a key resistance level of $0.65. 

This price point has proven to be a strong barrier, and XRP will require sustained buying pressure and positive market sentiment to push beyond this resistance.

If XRP can break through the $0.65 resistance level, it would signal a continuation of its bullish momentum, increasing the likelihood of reaching $1 in 2024. 

A favorable outcome in Ripple’s legal battle, combined with a broader bull market in the cryptocurrency space, could further accelerate this price movement.

However, it’s important to keep in mind that while the charts are showing bullish patterns, market conditions can change rapidly. 

Conclusion

Ripple’s future looks promising, especially with its ongoing legal victories and the formation of bullish technical patterns. 

With the potential resolution of the SEC lawsuit in 2024, XRP could be set for a major rally, possibly pushing its price back to the $1 mark. 

However, as with any cryptocurrency, volatility remains a significant factor, and investors should proceed with caution.

Frequently Asked Questions (FAQs)

1. Why is Ripple’s legal battle with the SEC important for XRP’s price?
The SEC lawsuit has created uncertainty around XRP’s classification as a security. A favourable outcome for Ripple could open the doors for increased investment, driving the price upward.

2. What price resistance does XRP need to break to reach $1?
XRP needs to break through the $0.65 resistance level to continue its upward momentum. If it can surpass this level, reaching $1 in 2024 becomes more likely.

3. Should I invest in XRP now?
While Ripple’s prospects look positive, cryptocurrency is highly volatile. It’s essential to do your research, understand the risks, and only invest what you can afford to lose.

Investor Caution 

While the crypto hype has been exciting, remember that the crypto space can be volatile. Always conduct your research, assess your risk tolerance, and consider the long-term potential of any investment.

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