XRP Gains Ground Amid Dovish Fed Stance and Regulatory Uncertainty

• While XRP maintained above key moving averages, investors faced uncertainty as there were no new SEC v Ripple case developments.
• Analysts are bullish on XRP going into 2024 giving 10x price targets from the current levels.

Ripple’s native cryptocurrency XRP joins the altcoin market rally gaining 3.5% in the last 24 hours and surging all the way to $0.63 levels.

On Wednesday, XRP rebounded from its earlier losses, benefiting from dovish FOMC projections that spurred demand for riskier assets. Notably, XRP reached a session peak of $0.6351 as investors reacted to the less hawkish interest rate outlook for 2024.

However, the gains for XRP were comparatively modest when compared to the broader market performance. Bitcoin (BTC) experienced a robust rally of 3.47%, concluding the Wednesday session at $42,954. The overall cryptocurrency market cap registered a gain of 2.84%, reaching a total of $1,571 billion by the end of the day.

Developments in Ripple vs SEC Case on Slowdown

On Wednesday, the XRP market saw no new developments related to the SEC v Ripple case, leaving investors to ponder the potential outcome of the SEC appealing the ruling concerning the Programmatic Sales of XRP.

In July, Judge Torres determined that XRP did not qualify as a security when programmatically sold on digital asset exchanges or through trading algorithms. Following this decision, the SEC sought an interlocutory appeal, which Judge Torres denied in October. This ruling stipulated that the SEC must await the conclusion of the SEC v Ripple case before filing an appeal.

Remarkably, since the court’s rejection, the SEC has accelerated its proceedings against Ripple. The ongoing phase involves remedies-related discovery, with the remaining charges focusing on the sale of XRP to institutional investors.

While Ripple may find favor in US case law regarding the final penalty, the SEC’s primary interest may lie in overturning the ruling on Programmatic Sales. The SEC v Ripple case is anticipated to conclude in the summer of 2024, if not earlier, with a potential appeal stretching into 2025.

Uncertainty may persist among XRP investors until a ruling on the appeal or a regulatory framework addresses the issues surrounding the classification of cryptocurrencies.

XRP Price Action

XRP maintained its position above the 50-day and 200-day Exponential Moving Averages (EMAs), validating positive price indicators. A potential XRP breakthrough above the resistance at $0.6354 could empower bullish momentum toward the $0.7047 resistance level.

Key factors influencing XRP’s trajectory include remarks from US lawmakers, developments involving the SEC, and news related to the SEC v Crypto case. Conversely, a breach below the 50-day EMA might bring the $0.60 level and the support at $0.5835 into consideration.

The 14-day Relative Strength Index (RSI) reading, currently at 49.34, suggests a potential decline toward the $0.5835 support level before entering oversold territory.

Going into 2024, market analysts are quite bullish about the XRP price action. EGRAG outlines two bold objectives, outlining prospective paths for XRP’s price and market dynamics. The initial anticipated breakout, set for January 2024, envisions propelling XRP to $6.4. Achieving this ambitious target necessitates a remarkable surge of 923% from its current valuation.

Yet, EGRAG puts forth an even more daring goal – a breakout in July 2024, projecting a price of $22.3. This scenario implies an extraordinary increase of 3,466% from XRP’s present value