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XRP Price Prediction: Will the SEC Lawsuit Kill Ripple's Token?

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Release: 2024-10-07 22:10:14
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With about 16% of its value lost in October 2024 alone, XRP, the native coin of Ripple, has been under heavy assault this month.

XRP Price Prediction: Will the SEC Lawsuit Kill Ripple's Token?

The native coin of Ripple, XRP, has experienced a tumultuous month in October 2024, with about 16% of its value lost. This price decline is being driven by the US Securities and Exchange Commission’s (SEC) fresh appeal in its ongoing lawsuit against Ripple, which alleges that XRP is a security and that Ripple failed to register its sales with the SEC.

As the legal question of whether XRP qualifies as a security looms over the token, investors are left pondering about XRP’s future. While some analysts are pessimistic about recovery, considering the dire forecast and XRP’s price dropping from $0.8 to $0.15 in the past two weeks, others are nearly optimistic about a possibility.

However, recent data from the Whale Alert platform, which monitors large cryptos transfers, has identified some whale activities that might be hinting at future prospects for XRP, although the token’s fate is largely dependent on the outcome in court with the SEC.

According to Whale Alert, a whale wallet transferred over 30 million XRP tokens, equivalent to almost $16 million, into the Bitso exchange on Monday morning. Such activity on part of whales is usually deemed to be a precursor where traders are either bracing for more losses or are seeking profits. Everyone keeps guessing whether this spate of activity from whales bodes well for another leg down of XRP ahead of the SEC appeal.

Moreover, another batch of XRP tokens were transferred by a whale wallet, this time to Bitstamp. The value of these tokens at the current exchange rate is over $10 million. Notably, both Bitso and Bitstamp are Tier-1 centralized crypto exchanges.

Whales Are Migrating XRP

Whale Alert also reports that a total of 153,384,848 XRP tokens were shifted on Monday morning. Part of these tokens, precisely 30,380,000 XRP, were transferred to an exchange. This batch of XRP tokens is valued at about $15,993,939 at the current exchange rate.

Furthermore, another batch of XRP tokens were transferred by a whale wallet, this time to an unknown new wallet. The value of these tokens at the current exchange rate is over $54,662,653. Notably, both unknown wallets are used by whales for migrating their XRP holdings.

Relative Strength Index (RSI) suggests XRP might be preparing for another breakout from its current trend. This analysis is based on the one-month XRP price chart, which reveals a descending triangle pattern.

Typically, a descending triangle pattern is a continuation pattern that forms when the price of an asset moves lower within a converging range, with lower highs and a horizontal support line. In this case, XRP’s price has been forming a descending triangle pattern since mid-September 2024.

This pattern suggests that XRP may be consolidating before a potential breakout. In the past, similar descending triangle patterns on XRP’s one-month price chart have led to strong breakouts. For example, in 2016 and 2020, XRP experienced massive rallies after breaking out of descending triangle patterns on the one-month price chart.

Hence, if XRP breaks out of the current descending triangle pattern on the one-month price chart, it may continue its روند صعودی. However, the SEC lawsuit is the elephant in the room and cannot be ignored either. The result of this court struggle will significantly affect XRP’s next action.

Should the SEC be successful in showing that Ripple’s secondary XRP sales broke US securities rules, the token may suffer more losses; some analysts predict a sharp decrease from its present price to $0.11.

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