XRP Price Prediction: Former Goldman Sachs Exec Says He’s Long Ripple’s XRP As The Smart Money Turns To This Under-The-Radar AI Platform

ByLockridge Okoth

Updated: 15 December 2023

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The XRP price is up 2% in the last 24 hours to trade for $0.6324 as of 12:50 a.m. EST time, with a 5% surge in trading volume.

It comes after former Goldman Sachs executive Raoul Pal expressed his belief in XRP, having bought the asset after the US Securities and Exchange Commission (SEC) charged Ripple with selling XRP as an unregistered security.

The comment came during an interview with Ripple lawyer John E. Deaton, with Pal saying that the charges were a buying opportunity.

“When you see something like that, it’s like, Okay, now the price has been massively discounted. We know it’s a real thing, half the people have been shut out of the market, this is the opportunity of a lifetime,” Pal said. “That’s when I bought it. And I’ve held it ever since.”

Ripple Correlation With Bitcoin Could Bode Well For XRP Price

Data according to Macroaxis shows a 0.89 thirty-day correlation between XRP and Bitcoin. This increases the odds for XRP price benefitting from the upside of Bitcoin price, especially as the king of crypto has two bullish catalysts lining up for 2024: The BTC halving and likely approval of spot BTC exchange-traded finds (ETFs).

Further, Austin Hilton, a renowned crypto analyst and YouTuber, has also forecast a huge spike in XRP price during the first half of 2024, after the two bullish fundamentals of 2024 play out.

The YouTuber also says he anticipates a rally to $1.50 for XRP price, or higher, catalyzed by the two bullish events in the Bitcoin market.

XRP Price Prognosis As Pal Remains Bullish On The Ripple Token

XRP price is pushing north but it faces strong resistance due to the supply barrier stretching from $0.6572 to $0.7161. To continue the uptrend, the price must record a decisive candlestick close above the $midline of this order block at $0.6862.

A break and close above this level, and the effective conversion of the supply zone into a bullish breaker, would be confirmed by XRP price flipping the $0.7333 resistance to a support floor. Further north, the price could foray into the July 19 next supply zone, which stretches from $0.7700 to $0.8199. Again, a break and close of the mean threshold of this order block at $0.8000 would confirm the continuation of the trend.

The Relative Strength Index (RSI) supports this outlook, pushing north while holding above the 50 level. The Moving Average Convergence Divergence (MACD) indicator also supports this outlook, showing the bulls still have a strong presence in the Ripple market.

On the other hand, the November 6 supply barrier imposes strong opposition to the upside potential of XRP price. Here, massive selling pressure is expected, which could send Ripple price south, potentially losing the $0.5773 support. A break and close below this level would invalidate the bullish outlook.

In the dire case, the slump could extend for XRP price to test the $0.4595 support floor. Such a move would denote a 30% drop below current levels.

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