Following the Federal Reserve’s interest rate cut, the cryptocurrency market has shown signs of recovery. China’s announcement of new policies aimed at supporting economic revitalization also contributes to growth.
Overall Performance of Cryptocurrencies
In the wake of recent decisions by major central banks, leading cryptocurrencies like Bitcoin and Ethereum have increased in value. Positive reactions have also been observed among the other top ten cryptocurrencies. XRP, in particular, is showing signs of growth rather than stagnation.
Positive Expectations for XRP
Ryan Lee, the chief analyst at Bitget Research, stated that if Ripple makes positive progress in its case against the SEC, XRP could rise by 30%, reaching 0.75 dollars. Technically, XRP has broken its strong trend line and is trading above critical moving averages.
Possible Risks and Warnings
Lee cautioned that XRP could drop to 0.45 dollars if Ripple’s legal situation worsens. The SEC has the right to appeal, and such a move could indicate that the legal battle might extend until 2025. Currently, XRP has seen a 5% increase in the last 24 hours, with its price at approximately 0.644 dollars according to CoinGecko data.
Lee pointed out that trading based on extreme predictions can be risky, advising investors to set stop-loss orders and make gradual investments instead of emotional decisions. The future of XRP will continue to depend on Ripple’s legal proceedings with the SEC.
Comments