XRP has struggled to move toward the $1 mark for years, with the token predominantly consolidating below $0.60. The asset has generally failed to keep up with peers such as Bitcoin (BTC).
One of the cited barriers to XRP’s lackluster growth has been the court case between Ripple and the Securities Exchange Commission (SEC). Although the case outcome has largely favored Ripple, with the token retaining its non-security status, XRP has shown minimal movement to anchor it in a position to reach $1.
By press time, XRP was trading at $0.51, having rallied over 2% in the last 24 hours. However, on the weekly chart, the token is down 1.7%.
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At the current valuation, XRP’s technical setup is exhibiting upcoming bearishness, with the token trading below the 50-day and 200-day moving averages.
For XRP to clinch the $1 mark, the token faces key resistance areas that must be breached in the short and long term.
In this regard, an analysis shared by trading expert Dark Defender in an X post on November 4 pointed out that as October’s monthly candle closed, XRP showed a promising bounce from a long-standing support level around $0.50, reinforcing bullish sentiment on the daily chart.
Currently, oversold indicators on daily timeframes suggest potential upward momentum, though caution is warranted as weekly and monthly trends remain in the red.
In this regard, key XRP price levels to monitor include resistance points at $0.5286, $0.6044, and $0.6649, while support levels stand at $0.4864 and $0.3917.
AI’s insights on when XRP will hit $
With uncertainty around when the token might reach $1, Finbold consulted OpenAI’s ChatGPT-4o artificial intelligence tool, which offered several scenarios likely to influence XRP’s move to this valuation.
To begin with, the AI tool noted that XRP would need input from the general market, especially as the full effects of the Bitcoin halving are felt, which has the potential to drive altcoins higher.
At the same time, the AI platform cited regulatory clarity, which would likely usher in institutional interest in the asset.
Finally, ChatGPT pointed out that XRP could benefit from the projected altcoin market peak in the coming months. If these factors align, XRP could trade at $1 by early to mid-2025.
XRP fundamentals
Indeed, despite being surrounded by several bullish sentiments, XRP has failed to mount a notable push toward the $1 mark. One notable potential catalyst is the possible rollout of an XRP exchange-traded fund (ETF). In this regard, 21Shares filed to launch an XRP ETF.
Although XRP showed a modest upward move on the news, there remains uncertainty over whether the ETF will be approved and, if it is, whether the token will mount a rally similar to Bitcoin’s.
At the same time, XRP has found some legal clarity as the risk of the asset being reclassified as a security has diminished in the ongoing SEC case.
Meanwhile, the token could also face more volatility as the company plans to release the largest monthly sale in seven years, worth $240 million.
In addition to these fundamentals, XRP is still susceptible to other market factors. Potential volatility stemming from the U.S. presidential election adds another layer to this uncertainty.
Featured image:
Igor Faun– Russia -30 May 2022. Digital Image. Shutterstock.
