Traders Union provides XRP/USD analysis and signals, offering indicator-based weekly and monthly price forecasts.
Recently, the cryptocurrency pair has surged, breaking through multiple resistance levels and reaching a high of $0.6692. Meanwhile, on pullbacks towards the $0.6200 to $0.5900 range, Ripple demand remains strong, presenting opportunities for a potential breakout and further growth towards $0.7000.
However, the risks of a Bitcoin (BTC) correction, as the leading coin approaches historical highs, also pose threats to the XRP/USD pair. Notably, a loss of the $0.6200 support level could trigger a decline towards the $0.6000 to $0.5900 range.
The US District Court in the Southern District of New York, stated that the XRP token is not a security regarding programmatic sales on digital asset exchanges. Remarkably, the court’s decision sent waves through the crypto industry, with the XRP/USD price spiking by more than 60% in the aftermath. Therefore Experts predict the XRP/USD pair has the potential to reach $0.6709 by the end of 2024.
Analysts view Ripple’s victory as a significant step towards legislative regulation of cryptocurrencies, which could have a positive impact not only on XRP but also on the broader market.
Regulatory developments are not the sole determinant of XRP/USD price projections. Any advancements in the broader cryptocurrency market are likely to positively impact XRP/USD valuation. Conversely, tightening monetary policy by the US Federal Reserve could exert downward pressure on the cryptocurrency pair.
Apart from the XRP/USD pair, Traders Union analysts are bullish on the long-term potential of Celo’s native token. According to their analysis, CELO exhibits a volatile but promising outlook. After being listed on CoinMarketCap, the price of CELO initially remained range-bound between $1.5 to $1.8 for several months.
However, a surge in 2021, fueled by listings on major exchanges like Coinbase, propelled the token to new heights, although CELO struggled to sustain these levels due to a lack of strong fundamental catalysts.
Moreover, technical analysis suggests that Celo price prediction could exhibit several more extreme swings in 2024, with potential twice or thrice growth on a short-term basis. Here, TU experts forecast that CELO could reach CA$1.964 by the end of the current year.
Igor Krasulya, a financial professional with experience in traditional finance and the crypto space, as a Traders Union author, cautioning that while long-term forecasts for XRP/USD and CELO can be informative, the market’s inherent volatility should not be underestimated.
In conclusion, the XRP/USD pair has exhibited positive price movement, with experts predicting a potential increase to $0.6709 by the end of 2024, following a significant ruling in 2023 regarding XRP’s status. However, the market’s volatility, influenced by regulatory developments and broader cryptocurrency trends, remains a significant factor. Similarly, Celo shows promising long-term potential, with analysts forecasting a price of CA$1.964 by the end of the current year.
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