The XRP price has fallen to $0.468321 this morning, a 3% decline in the past week and a 5% decrease in the last 30 days. Nonetheless, the altcoin has maintained the $0.46 support level, and it also shows a 37% increase since the start of the year, mainly due to optimistic outlooks on the Ripple-SEC case.
This case is likely to conclude in the next few weeks, and if it results in a favorable outcome for Ripple, XRP would undoubtedly surge significantly.
And in the long run, with Ripple’s business continuing to grow despite the ongoing case, XRP could become one of the most remarkable stories of 2024.
XRP Numbers Are Showing Slight Improvement
XRP is showing signs of a possible bullish reversal in the near future, based on its chart and indicators. The relative strength index is approaching 50, which means that the selling pressure is easing and the buyers are gaining strength.
At the same time, XRP’s 30-day moving average is close to crossing above its 200-day average, which is a positive signal that the long-term trend is changing in favor of the bulls. This suggests that XRP is undervalued and ready for a bounce back.
As we mentioned before, the main factor that will influence its positive recovery is the result of the legal dispute between Ripple and the SEC, which is still pending.
The case has been going on for a long time since most of the key evidence and arguments were presented and discussed as early as January. This suggests that a verdict is overdue.
Many people expect that when a verdict is reached – either by the judge’s ruling or by a settlement between the parties – it will be favorable to Ripple. This would allow the company to resume its normal operations and enable exchanges to list XRP again.
