XRP’s Price Eyeing the $1 Target in the Next Few Months Despite the Market Correction: Analyst

9 months ago 3

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TL;DR

Analysts remain optimistic about XRP’s recovery from its current dip, predicting significant price increases and emphasizing the critical role of the bulls in the near term.
The outcome of Ripple’s lawsuit with the SEC is seen as a key factor that could drive XRP’s price to new highs, with some forecasts suggesting a rally towards $5.85.

Ripple’s XRP is among the numerous cryptocurrencies whose prices nosedived during the most recent market correction. Currently, the asset is hovering at the $0.63 mark (per CoinGecko’s data), meaning 5.5% down on a 24-hour scale.

Some analysts, including the X user EGRAG CRYPTO, remain unfazed by the ongoing trend, predicting a bright future for XRP and “life-changing, double-digit price targets.”

The enthusiast with thousands of followers claimed that the asset is currently in a so-called “bouncy-bounce” range, meaning the bull’s actions are of utter importance:

“The next task for the bulls is crucial: they must either initiate a bounce from the current levels or prepare for a potential revisit of the Fib 0.382 level ($0.60), which could manifest as a wick.”

EGRAG CRYPTO believes a breakout above the aforementioned zone could lead to a price ascent of almost $1 by next month.

Earlier this week, CrediBULL CRYPTO and Dark Defender also outlined optimistic predictions. The former thinks XRP could enter a bullish phase that could outshine other digital assets, including Bitcoin (BTC).

Dark Defender reiterated his stance that Ripple’s token is poised for a rally toward $1.88 and eventually an all-time high of $5.85.

One factor that could positively impact XRP’s price is the outcome of the lawsuit between Ripple and the United States Securities and Exchange Commission (in the event of a decisive win for the company, of course).

The trial between the entities is scheduled for April 23, but its resolution might be delayed until 2026 (according to the popular AI-powered chatbot ChatGPT).

Those willing to explore additional elements hinting that XRP could be on the verge of a price explosion throughout 2024, feel free to watch our dedicated video below: