Key Developments Spark Bullish Outlook
XRP, the cryptocurrency underpinning Ripple’s payments network, showed signs of growth over the past 24 hours following key regulatory approvals for Ripple.
XRP’s price increased 1% to reach $0.619473, while the wider cryptocurrency market gained 3% on the same day. XRP price action has been mostly positive over the past week.
Ripple Secures Key Regulatory Approval in Ireland
Ripple secured a major win after gaining approval from the Central Bank of Ireland as a Virtual Asset Service Provider. The VASP license allows Ripple to potentially offer cryptocurrency services across the European Union.
Analysts believe this development, along Ripple’s recent tweet announcing the approval, has sparked a bullish outlook for XRP’s price action in 2024.
Technical Analysis Indicates Potential Price Surge
Some key technical analysis indicators point to rising XRP prices in the near future. The Relative Strength Index for XRP began trending upwards, signaling potential price increases.
Meanwhile, XRP’s 30-day average has remained stable. Since XRP’s price has been above its 200-day average since early November, analysts expect initial drops before prices rise higher.
Positive Catalysts Could Drive Market Rally
Analysts believe that if U.S. regulators approve the first Bitcoin ETF in January, it could trigger a market-wide rally benefiting XRP and other altcoins.
Ripple’s expansion, including VASP approvals in Ireland and a Major Payments Institution license in Singapore, is also likely drive XRP’s price higher in 2024.
Up-and-Coming Altcoin Sponge Shows Potential
Sponge, an emerging altcoin, saw its price rally 150% in May after a successful presale. Sponge is launching V2 of its token, a new staking model, and a play-to-earn SpongeBob game.
Sponge V2 could see significant gains in the coming year, according to analysts. However, risks remain for all cryptocurrencies.
Proceed with Caution Due To High Volatility
Cryptocurrency remains a high-risk asset class. The information provided is for informational purposes only and does not constitute investment advice. Investors risk losing their entire capital when investing in cryptocurrencies.