Despite Ripple’s victory in the SEC lawsuit, XRP failed to achieve the expected price increase. This has created uncertainty among investors, raising the question of “Will XRP rise?”
In this article, we will discuss the possible targets and price predictions of XRP.
Is XRP Facing a Drop?
In the current market conditions, XRP lost 2% in the last 24 hours and its trading volume was recorded at $1.019 billion. In addition, the token fell by 5.79% in the last week and 12.60% in the last month.
XRP has been trading in a symmetrical triangle formation since July and has failed to break above the resistance trend line. This indicates a weak bullish influence in the markets. Currently, the token is about to test a critical support/resistance level of $0.560. It remains unclear how this level will play out.
Could XRP Hit $2 in 2024?
If the market manages to sustain the XRP price above the $0.560 level, the bulls may gain momentum and retest the resistance trend line in the symmetrical triangle formation. If the bulls successfully break this resistance level, it is likely to head towards the critical resistance level at $0.630 in September.
However, at its current price of $0.5658, XRP is unlikely to reach that level in the short term, considering that it would need a 253.48% increase to reach $2. On the other hand, if the bears continue to dominate the market, XRP could drop below the $0.560 support level, in which case it could drop to $0.4880.
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