XRP has experienced significant volatility throughout 2024, with a 14.26% decline since the year's start. Several key factors have influenced this price movement.
On the negative side, XRP faces pressure from its escrow schedule, releasing vast amounts of tokens, and ongoing legal challenges from the SEC against Ripple Labs. Conversely, Ripple’s expansion into decentralized finance (DeFi), crypto custody, and the stablecoin sector presents potential growth opportunities, as these initiatives could drive demand for XRP.
Despite occasional surges, such as a rally sparked by Elon Musk’s mention of the token, a substantial upward trend remains elusive. However, technical analysis suggests a potential breakout could be on the horizon.
A recent chart shared by trading expert MetaShackle reveals a recurring pattern since 2014 that indicates significant price increases follow specific events: a fair value gap, a liquidation candle breaking trendlines, and a breakout on the eighth monthly candle.
Currently, XRP is forming a wedge pattern, with projections suggesting a breakout could happen between late February and early March 2025. Although the earliest potential breakout might be around July or August, a decline in trading volume could hinder or postpone any forthcoming rallies.
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