Unveiling XRP/USD: Expert Insights on Investment Potential

Traders Union

Traders Union provides XRP/USD analysis and signals, offering indicator-based weekly and monthly price forecasts.

man with the phone

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. 

The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.

Read this next

Industry News

SEC’s Gensler reminds industry why T+1 is needed

“For everyday investors who sell their stock on a Monday, shortening the settlement cycle will allow them to get their money on Tuesday. Shortening the settlement cycle also will help the markets because time is money and time is risk.”

Industry News

Citi fined £61 million after $189 billion algo order by mistake

The regulator noted that some primary controls at Citi were absent or deficient. In particular, there was no hard block that would have rejected this large erroneous basket of equities in its entirety and prevented any of it reaching the market.

blockdag

Retik Finance Uniswap Listing Shocker: Why Presale Investors Are Abandoning $RETIK for BlockDAG’s Astounding 30,000x ROI

Explore how major influencers champion BlockDAG’s 30,000X ROI, overshadowing Retik Finance’s Uniswap listing and shifting investor focus.

blockdag

Crypto Influencer ‘Crypto Jogi’ Names BlockDAG the Leading Investment for 2024, Outshining Retik Finance Exchange Listing

Explore why ‘Crypto Jogi’ has singled out BlockDAG as the investment to watch in 2024, shifting focus from Retik Finance’s upcoming exchange listings.

blockdag

Over the Moon or Lost in Space? MoonBag Presale vs. Retik Finance and Pepe Coin

Discover why MoonBag presale is the best crypto presale 2024, surpassing Pepe Coin and Retik Finance with innovative features and high returns. Don’t miss out!

Digital Assets

Uniswap challenges SEC’s planned lawsuit over decentralized exchange

Decentralized finance (DeFi) exchange Uniswap is moving to address a looming regulatory spat with the U.S. Securities and Exchange Commission (SEC).

Digital Assets

Solana trader turns $2K into $2.26 million with 1DOL bet

The Solana ecosystem has proven to be a profitable environment for both savvy traders and lucky speculators. In line with this trend, memecoin trader invested 2,275worth of Solana (SOL) to buy a stash of meme coins, which then became worth $2.26 million in just eight hours.

Executive Moves, Uncategorized

Bitget appoints Gracy Chen as CEO

“I’m extremely honored to step into the role of CEO at Bitget. Over the past six years, we’ve built a robust foundation and an incredible team. Bitget has transformed into a leading crypto platform, consistently innovating to create value for our 25 million users. I’m excited to lead our global expansion to new heights.”

Digital Assets

Seven crypto exchanges pull out of license race in Hong Kong

The number of cryptocurrency exchanges seeking operational licenses in Hong Kong is steadily decreasing as the deadline approaches. Most recently, three crypto exchanges withdrew their license applications filed with the Securities and Futures Commission of Hong Kong (SFC).

<