XRP Price Prediction: Will Ripple (XRP) Recover After SEC Restructures Its Crypto Enforcement Unit?

With the SEC restructuring its crypto enforcement unit and bullish on-chain metrics emerging, analysts are divided on whether XRP could see an imminent price rally.

Multiple analysts have varying XRP price predictions for 2024, ranging from bullish to bearish. Some even predict a potential XRP price rally to astronomical heights if key astronomical support levels hold.

After a stellar 2023, XRP price action has encountered some turbulence in 2024. Despite kicking off the year with a 40% gain, XRP price encountered a speed bump in February, dropping over 25% in a week. However, XRP price managed to hold above the psychologically significant $2 level throughout the correction.

According to Santiment data, traders realized approximately $124.92 million in losses on February 5. This could indicate a easing selling pressure, as typically traders cutting losses on a downturn can indicate a bottom.

Furthermore, daily active addresses on the XRP network have remained higher than the 2024 average, and the number of XRP holders continues to trend upward. Such metrics suggest strong network engagement, which could support a recovery if broader market conditions improve.

Technical analysts have identified crucial support and resistance levels that could determine XRP’s next move. Dikuno, a crypto analyst, predicts a 40% upside if XRP holds above $2. He noted, “The current pullback is a healthy correction. If XRP stabilizes at $2, a rebound toward $2.80 is likely.”

Meanwhile, another expert, ColdBloodedCharter, pointed out that XRP has entered an accumulation phase. He cited $2.50, $2.25-$2.30, and $1.90-$2 as ideal “buy-the-dip” levels. “Buying at these levels presents a strong risk-reward ratio,” he explained.

Some market analysts are even more bullish, projecting that XRP could climb to $8 if it maintains key support levels. Dikuno outlined a five-wave Elliott Wave pattern targeting $5.85 as the next major milestone, with a potential extension toward $8.

XRP consolidates below $3 as it continues its correction, with Wave 5 targeting $8 in the near future. Source: Dikuno on TradingView

However, macroeconomic and legal factors could also influence XRP’s price trajectory. The most crucial outstanding situation in this regard has to do with the ongoing case between the SEC and Ripple.

With the reassignment of key SEC personnel, including Jorge Tenreiro, who is a lead litigator in the case, there are speculations on a potential settlement in the horizon. Moreover, the possible approval of an XRP exchange-traded fund (ETF) could be a major catalyst.

If approved, such a product could significantly boost institutional interest and drive demand for XRP.