- XRP’s $2.03 support level and yearly close could determine its 2025 trajectory.
- Analysts eye $3.62 for XRP, with SEC case resolution boosting bullish outlook.
- XRP sees 230% yearly gains and is trading 5% down in the last 24 hours.
As the cryptocurrency market enters the final 48 hours of 2024, prominent analyst Egrag Crypto has drawn attention to XRP’s yearly candle close. The analyst suggested that these closing days could define the token’s trajectory for 2025. This timing coincides with heightened interest in XRP’s potential price movements, particularly in relation to historical patterns from the SEC lawsuit period.
Looking back at December 2020, when the SEC filed its lawsuit against Ripple, XRP experienced a 66% price drop from $0.50 to $0.17. With XRP trading at around $2.07, analysts are calculating potential upside movements using this historical reference point. A similar percentage move to the upside would target approximately $3.62.
Malaysia’s SC Cracks Down on Bybit for Unregistered OperationsSupporting this analysis, XRP Whale identifies strong technical support at $2.03. This suggests that this level could serve as a springboard for future price appreciation. JackTheRippler adds to the bullish sentiment, predicting an immediate major breakout for the token.
Digital Asset Investor provides additional context, suggesting that an announcement resolving the SEC vs. Ripple case could trigger a move beyond XRP’s previous all-time high. He emphasizes the potential for FOMO-driven price action once key resistance levels are broken. The current market environment presents several factors not present during the 2020 lawsuit filing.
Today, XRP trades in a more mature market with increased institutional participation and evolving global regulatory frameworks. These elements could affect the impact of any positive developments in the case. As 2024’s final hours approach, the convergence of the yearly candle close, technical support levels, and potential regulatory clarity creates a major moment for XRP.
When it comes to the price of XRP, the coin is trading at $2.07 at press time with a 5% drop in value over the last 24 hours. The XRP price is also down by over 13% in the last two weeks. However, the coin has shown steady price appreciation of 230% in the last year.
