XRP Price Forecast: Analyst Sees Further Pullback, What’s Next?

The crypto market cap shrank by a 2.58% over the last 24 hours, standing at a current capitalization of $1.56 trillion as prices of top cryptocurrencies Bitcoin (BTC), Ethereum (ETH) and XRP dropped by similar levels.

Also Read: Ex SEC Veteran Labels Latest BAYC Theft a “Tragedy of Epic Proportions”

XRP Price – Correction Ahead?

According to analyst Ali on X, the XRP price movement towards the $0.75 target could likely trigger a pullback around $0.55. It remains to be seen if the cryptocurrency recovers with the price pattern in the direction of $0.75 and beyond.

The analyst said,

“$XRP is moving inside an ascending parallel channel! After facing rejection at the channel’s mid-line, XRP might see a pullback toward the lower boundary, around $0.55.”

Earlier, CoinGape reported that may potentially see a pullback to the current level of $0.60 owing to the whale transactions. The transfers were recorded on December 15, with a total value of 42.6 million XRP.

Ripple SEC Lawsuit Settlement: The Impact

While the general perception among traders is bullish around the possibility of the Ripple lawsuit settlement with the U.S. Securities and Exchange Commission (SEC), the Ripple IPO and the spot Bitcoin ETF approval in the months ahead, contrary views are expressed based on the court ruling that the XRP token has been cleared as not a security. Panos Mekras, cofounder of Anodos Finance, said the Ripple lawsuit is not relevant for XRP price anymore.

Meanwhile, the Bitcoin Halving is another event the wider crypto market is anticipating in the second quarter of 2024. Historically, the Halving event yielded substantial profits for Bitcoin holders around the event. Will the speculation around the SEC’s spot Bitcoin ETF approval and the Halving event push BTC price to beyond the current all time high level of $69,000?

Also Read: Blockstream CEO Adam Back on Ordinals, You “Can’t Stop JPEGs on Bitcoin”