Ripple XRP has encountered a lot of resistance over the past month, keeping the price below $0.55. At the time of writing it is actively in stock $0.5184. XRP is up just under 4% over the past 30 days, but this number has not produced any significant gains.
Despite the recession, some holders are still optimistic that XRP will perform well by the end of 2024. Given the current trading setup and market sentiment, XRP could start a bullish rise as bulls get used to the asset again this weekend. Asset lows have been steadily rising in recent months, which could coincide with higher highs.
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Why Holders Are Bullish On Ripple XRP
Moreover, one of the main reasons to be bullish on XRP is its extensive consolidation. It has been some time since the last bullish rise for XRP, and the asset will soon rise above the USD 0.60 resistance. For some optimistic investors, XRP's ultimate goal of surpassing $1 in late 2024 or early 2025 is achievable. That jump toward the end of this year keeps hopes high for many XRP holders amid turmoil.
The end of this accumulation phase for Ripple's XRP could trigger a major recovery. With a weakened relative strength index (RSI), more buying may occur, creating bullish momentum around the asset. This swing is expected to happen soon; therefore, the end of 2024 could be very positive for XRP.
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The ongoing battle between Ripple and SEC isn't even factored into this argument for a bullish 2024. A positive outcome from that statement before the end of 2024 will likely light a fuse under XRP. In the coming months, all eyes will be on this case and its final decision by the court. Recent positive news surrounding the case has caused XRP to rise in price. So, an overall win could lead XRP to a $1 rally that holders have been waiting for for a long time.