XRP, the cryptocurrency associated with Ripple Labs, is anticipated to experience a significant surge in value, surpassing the $1 mark by the end of 2024 or early 2025. This projection comes as renewed interest in the altcoin market drives XRP’s price to reach $0.74 this month.
However, XRP has faced challenges in breaking through and maintaining critical resistance levels after a substantial drop from its 2023 high. Despite expectations that Ripple Labs’ regulatory clarification would propel the asset towards its all-time high of $3.4, our data indicates that XRP has actually declined by 5% in the last 30 days, extending its Year-To-Date fall to 6.4%.
Currently, XRP is in a consolidation phase after breaking a key support level and sliding to $0.58. Despite this prolonged stagnation and ongoing legal battles with the US Securities and Exchange Commission (SEC), XRP holders are hopeful for a comeback, particularly with the upcoming Bitcoin halving event on the horizon.
Market analyst Michaël van de Poppe suggests that the altcoin market’s market capitalization is poised for further growth. This is evident in Bitcoin Cash’s recent rally past its 2021 high. Additionally, it is expected that Bitcoin’s dominance will decrease significantly after the halving, leading to increased interest in altcoins and potentially benefiting XRP.
However, there are skeptics within the crypto community who doubt XRP’s ability to reverse its fortunes, as it failed to make a significant impact during the previous Bitcoin halving. Crypto analyst Crypto Rover points out that XRP has been consolidating for four years, leading to mixed reactions among investors.
Consolidation refers to the asset’s ability to trade within a range, indicating market indecisiveness. This phase is typically followed by a notable price spike in either direction. Based on historical patterns, XRP could break out of its consolidation phase after the Bitcoin halving, as investor activity is expected to increase.
According to CoinCodex, XRP could experience a significant surge around the halving period, potentially reaching $0.748838, a 22% increase from its current level. Analysts believe that by the end of 2024 and early 2025, XRP could surpass the $1 mark.
In the short term, XRP is forecasted to trade within a range of $0.588150 and $0.748838 this week. If it reaches the higher value target, it could increase by 27.32% and reach $0.748838 by April 7, 2024. Looking ahead to 2025, experts predict that XRP could range between $0.370551 and $1.828238. This means that XRP could potentially gain 211.41% compared to its current price if it reaches the upper price target.
Changelly, a cryptocurrency exchange platform, also supports this prediction, tipping XRP to reach $0.71 in April. Other crypto experts anticipate an average XRP rate of $0.714 in April 2024, with minimum and maximum prices expected at $0.609 and $0.818, respectively.
If you’re interested in learning more about Ripple (XRP), you may find our “Buy Ripple (XRP) Guide” and “Ripple XRP Wallet Tutorial” helpful. Additionally, you can check the 24-hour XRP price and find more Ripple (XRP) news on our website.