On the weekly chart, XRP price action shows a triangle pattern forming. With a strong trendline support, the recent bullish cycle within the pattern is challenging the upper trendline.
It is currently receiving support at the junction of the 50-week and 200-week EMAs in a sideways trend in a bullish alignment. Additionally, the XRP price is struggling to break the 23.60% Fibonacci level at $0.5993 on the weekly chart.
Faced with numerous higher price rejections, a weekly close above this level has yet to be achieved. XRP price has fallen 8.76% in the past week and is currently trading at $0.5542 with a weekly yield of 1.19%.
Ripple's Major Events
In a recent turn of events, attorney Fred Rispolli downplayed recent concerns from the SEC appealing the XRP ruling, saying the ruling is unlikely to happen before 2026, which would not have a significant impact on the price of XRP.
Therefore, future XRP prices are likely to be independent and not affected by the ongoing lawsuit. Meanwhile, Ripple has requested a deferment on the $125 million fine announced in recent events.
Additionally, Ripple CEO Brad Garlinghouse announced the upcoming release of the Ripple USD stablecoin and active efforts to grow the XRPL ecosystem using smart contract capabilities on the Ripple blockchain.
XRP Price Targets for 2026
Despite the recent key events, the XRP price has not experienced any positive impact and continues to follow a sideways trend after the bearish impact.
The current bear market remains a key reason for the need for bullish influence from such major events. Thus, with a broader market recovery expected by the end of 2024, the XRP bull run is likely to exceed the 23.60% level.
Based on Fibonacci levels, the price targets for 2026 are $1.29 and $1.56.
Want to know if XRP will break $1 in 2024? Check out our detailed analysis Ripple Price Prediction 2024-2030.