- XRP’s YTD rise is 96.07%, but it recently fell by 4.59%.
- Analyst predicts XRP could reach $1.2 in a bullish market onset.
- Ripple’s legal victory over SEC could push XRP price beyond $2.
The performance of Ripple’s
Throughout the week, XRP momentarily neared surpassing the market capitalization of Binance Coin
XRP to $27? Who Says Yes?
To ascend to the position of the third-largest cryptocurrency, XRP must experience a significant surge in value. Egrag Crypto, a cryptocurrency analyst, has evaluated the prospects of XRP in a complete market cycle. Egrag predicts that at the onset of a bullish market, the price of XRP could reach $1.2.
The analyst reached this conclusion by examining the monthly timeframe and noted that a significant bullish candlestick could initiate the movement. Egrag further pointed out that such an event could induce FOMO, which might drive the price to $2.
The analyst concluded his analysis by stating that the cryptocurrency could potentially achieve a price of $27. Should XRP attain this mentioned price point, it would represent a fortyfold surge from its current value of $0.66. Moreover, such a significant rise could elevate Ripple’s market capitalization, potentially surpassing Tether’s (USDT).
Nevertheless, flipping USDT might present difficulties for XRP. The reason is that the creation of billions of stablecoin escalates as the bull market progresses, potentially causing a rise in the demand for USDT.
Long-Term Optimism Prevails
The daily chart indicates a robust buying interest in XRP at the $0.60 mark. Therefore, it is likely that the digital currency will maintain its trading price above this threshold as we approach 2024. Regarding its prospects, Coin Edition examined the Exponential Moving Average (EMA).
As of the reporting time, the 50-day exponential moving average (colored blue) exceeded the 200-day exponential moving average (colored yellow). This formation is known as a golden cross and is generally regarded as a positive indicator for the medium to long-term outlook. If the gathering of XRP persists over the next few months, the token’s price could surpass the $1 threshold.
The XRP value can also be influenced by the results of its ongoing legal battle with the U.S. Securities and Exchange Commission. Previously in the year, the presiding judge over the case determined that XRP did not constitute a security, providing Ripple with a tentative victory and increasing its price to $0.96.
Therefore, should Ripple ultimately prevail and the verdict is rendered amidst a bull market, it is possible that XRP could climb beyond $2.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
