In 2024, the outlook for XRP remains a topic of debate among its proponents. However, the metrics surrounding XRP indicate both bullish and bearish expectations for the future.
Despite this, an XRP analyst is making a bullish prediction for the cryptocurrency, stating that it could reach $1 by April.
The recent rally in altcoins has shed a positive light on leading altcoin Ripple (XRP). Last year, XRP experienced a significant upward trajectory before the bulls lost control. Since the beginning of this year, XRP has faced a major decline in its prices. However, market sentiment, on-chain data, and current XRP metrics suggest a possibility of sideways movement for the asset in the long term.
Demand for XRP seems to support its bullish potential. Historically, an increase in daily transactions indicates a rise in demand for the asset. In the case of XRP, transactions have surged, with an average of 686,000 transactions in the past seven days since March 7th. This time last year, only 218,000 transactions were recorded within the same time frame. Additionally, the number of active XRP addresses reached a peak in January. XRP searches also spiked as interest rates rose in February.
On the other hand, transaction figures have declined since the 5.4 million transactions recorded in January. With a current supply of 54,736,690 XRP in circulation, if demand decreases in the future, XRP could become even more inflationary, especially since more XRP tokens are still being mined.
Despite the recent lackluster performance of XRP, a market analyst remains optimistic about its future. According to the analyst, XRP reached a price of $0.58 on February 28th and is expected to surge to $1 by next month. The analyst also highlighted the successful attainment of two price points, $0.6462 and $0.92, on March 1st and 13th respectively. Therefore, the possibility of XRP reaching $1 in March is still viable.
The analyst further provided insights into the potential movement patterns for XRP in the coming week. Holding a predominantly bullish position, the analyst stated that based on the recent high of $0.75, the updated targets are set at Fibonacci Levels: $0.9772-$1.5048, $2.3172 in the short term. The analyst expects XRP to maintain its current level and proceed towards these targets, with the projected timeframe being April.
Following a decline in Bitcoin’s price to $62,000, the broader cryptocurrency market experienced a collective dip, resulting in a slight decrease in global market cap value. Altcoins, including XRP, have followed this trend. Currently, XRP is trading at a price of $0.608, with daily and weekly gains exceeding 11%.
In conclusion, the future of XRP remains uncertain, with both bullish and bearish expectations. However, an analyst predicts that XRP could reach $1 by April, and recent metrics suggest a possibility of sideways movement in the long term.