In a landmark development in the Ripple v. SEC case, Ripple overcame the SEC’s allegations that the company had been selling XRP illegally over time. But after more than 30 months of purchases and disputes, the Choose finally came to a decision in the corporation’s Favour, giving the token the necessary bullish push for it to soar.
The XRP price responded as expected and experienced a more than 90% bounce to reach levels close to a dollar, but it failed to reach the milestone. However, the value remains incredibly optimistic, which raises the possibility of building a new ATH that it missed out on during the previous bull run in 2021. The possibility to soar to new highs now that the crucial barrier for starting a bull run has been removed.
For the first time since the commencement of the 2021 bull run, the XRP value recorded one of its strongest weeks, which is comparable to the start of the next bull run. As the price forms a fresh channel up and moves towards the top of the multi-year triangle pattern that XRP has been trading in since the 2018 all-time high, the 50-D weekly SMA is acting as strong support levels. This is comparable to the channel up/accumulation period in 2020 that caused the excessive in April 2021.
However, the triangle is similar to the 2013–2016 sample, which showed parabolic break-outs of these two former channels for projection functions. Since the 2020 lawsuit, the XRP value has lagged behind the entire crypto market. This can very well result in a larger surge when new liquidity is introduced to the market throughout the ensuing cycle.
As a result, one can anticipate that between December 2023 and January 2024, the value of XRP will reach close to $2. One can anticipate a healthy upsurge throughout the year to mark a new ATH near $5 by the end of the year 2024 once the upswing settles above these ranges without any bear intervention.