XRP Price Set to Explode? Ripple CEO Admits Shocking Regulatory Mistakes – What’s Next for XRP? 

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Harvey Hunter

Junior Content Creator

Harvey Hunter

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Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

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Last updated: 

October 25, 2024

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Ripple’s CEO recently dropped a bombshell, acknowledging that Ripple’s hesitation to engage with U.S. regulators might have been a costly mistake.

As the company grapples with the fallout from regulatory scrutiny, XRP’s price, initially showing promise today, has taken a hit, leaving investors uncertain and the token down 1.08%.

Despite Ripple’s recent partial victory, where a judge ruled XRP is not a security, the SEC’s fresh appeal drags Ripple back into legal turmoil.

This clash has impacted XRP’s standing, with the token sliding 4.9% this week.

To make matters worse, XRP trading volume plummeted by 12.24% to 875.4 million.

Will these challenges continue to weigh on XRP, or is a rebound on the horizon?

Ripple CEO Admits Regulatory Oversight

During an appearance at DC Fintech Week, Garlinghouse conceded that Ripple should have engaged with U.S. regulators sooner, noting that both Ripple and the broader crypto industry are now playing catch-up after being on the receiving end of enforcement actions.

I think we made a mistake by not leaning in earlier, and we’re trying to make up for lost time to some degree.

The culmination, of which, has contributed to the long-standing legal clash between Ripple and the US Securities and Exchange Commission (SEC).

Although a recent ruling declared XRP not a security in the case’s first leg, a recent SEC appeal has put Ripple back in the legal hotseat.

Garlinghouse noted the the U.S. as “a laggard” on crypto regulation compared to other jurisdictions. By “leaning in” earlier, he noted that crypto industry could have garnered a stronger public perception as “serious people doing serious things.”

XRP Price Analysis: What’s Next for XRP?

This lapse marks yet another setback in XRP’s advance toward an impending breakout of a 4-year symmetrical triangle pattern.

While the $0.5205 support level seems to have suppressed additional downside so far, other indicators place it under threat. Particularly as the MACD line appears to be amidst a crossover below the signal line, a move which, in recent history, has consistently led to dips for XRP.

However, with the Relative Strength Index (RSI) nearing oversold territory at 37, this downtrend seems more a product of increased volatility than an indication of sustained bearish momentum.

Should any substantial drop materialize, it’s unlikely to establish a prolonged downtrend. If the $0.5205 level is breached, a more credible bottom might be found at the $0.4890 support, rather than a deeper retest of the pattern’s lower boundary.

From there, with firmer support, XRP may regain the momentum needed for another attempt at a bullish breakout, the likes of which is expected to bring a $1 price target.

This timing aligns with the approach of the U.S. election, a potential pivot point from the current regulatory approach Garlinghouse noted to bring a “reign of terror” upon the industry.

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