XRP Price Unaffected by Ripple’s Cross-Appeal: Could Bitcoin’s $70K Breakout Influence It?
Anjali Belgaumkar30 Oct 20241 min read
Following the submission of Form C on October 25, XRP experienced a quick dip below the important 50-cent mark, but it swiftly bounced back later. The most significant drop occurred on October 3, when the SEC announced it would appeal Judge Torres’s ruling. While this has sparked some concerns, there’s still a glimmer of hope among XRP supporters for a potential rebound.
Despite experiencing corrective patterns within larger market trends, XRP’s price action has not provided a clear direction. After a brief rally from an October low, the cryptocurrency faced resistance and has since seen a decline. However, signs suggest that this downward movement may have reached its conclusion, prompting analysts to watch for potential upward reversals.
While earlier expectations pointed to another price low, there is now consideration that XRP might have formed a bottom following the latest pullback. Analysts are particularly focused on the next c-wave rally, which would gain confirmation if XRP breaks above 56.4 cents, the swing high recorded on October 17.
A five-wave move upward would indicate a stronger bullish trend, setting the stage for further increases. However, current market conditions suggest caution, as there remains the possibility of another dip before any significant rise.
On a broader scale, XRP’s long-term chart indicates potential for a corrective rally within an ABC structure. Should the price trend upwards, it could eventually aim for targets between $1.26 and $2, contingent on completing prior a-wave and b-wave movements.
Despite Bitcoin rallying beyond the $70k mark, the market sentiment fpr XRP remains mixed, largely due to the ongoing SEC vs. Ripple lawsuit, which has yet to yield any positive developments. However, many XRP holders are choosing patience over panic, waiting to see how the appeals will unfold before making any moves.
