The cryptocurrency market has been heating with bullish sentiments fueled by the spot Bitcoin ETF approval in the United States and the upcoming fourth BTC halving. Meanwhile, Ripple-backed XRP has been preparing for a final send-off that could take place within the next 24 months. Moreover, the trial of the ongoing lawsuit filed by the US SEC against Ripple is scheduled to happen in April this year.
XRP Community Airs Discontents With Ripple Holdings
The XRP community continues to express their concerns over the huge Ripple holdings, which have been weighing down on the secondary market every month. Despite the XRP community advocating for the escrow holdings to be obliterated, Ripple CTO David Schwartz has indicated that burning the Ripple bag is not an option. Notably, Schwartz argued that the Stellar XLM burn did not have a realistic economic benefit. Meanwhile, Schwartz indicated that the XRP price will moon at its timing despite the legal hurdles.
I will say two things I believed before digital currencies even existed that I think stood the test of time:
1 Prices are mostly rational. Everything expected is already baked into the price.
2 Any radical change that isn’t obviously good will be treated as bad by the market.
— David “JoelKatz” Schwartz (@JoelKatz) January 8, 2024
XRP Price Analysis
From this perspective, the governing pattern behind #XRP price action since June 2022 appears to be an ascending parallel channel.
If this pattern continues, $XRP could make its way toward the channel’s middle or upper boundaries, which currently sit at $0.80 and $1.10,… pic.twitter.com/kCKHEFZQWe
— Ali (@ali_charts) January 8, 2024
According to a popular crypto analyst, Ali Martinez, XRP price is on the cusp of a major uproar, if the whales continue on a buying spree. With XRP price on the weekly time frame having been trapped in a rising trend, the crypto analyst is confident the cross-border oriented altcoin will trade above $1 soon.
The XRP’s bullish macro outlook is bolstered by the fact that it has been accumulating in a macro triangle formation since 2018 despite the notable progress made by Ripple to improve its liquidity and trading volume. Meanwhile, the 50 and 200 weekly Moving Averages (MA) have acted as a strong support level despite a glaring death cross.
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Elena R
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.