XRP Set For Rapid Rally, Target At $5 In The Short Term
22 Marzo 2024 - 6:36AM
NEWSBTC
XRP continues to maintain its spot as one of the leading
cryptocurrency assets in the crypto market today after witnessing a
notable rally starting the day at the $0.64 price mark, putting it
in the limelight. Although the price of XRP is still lagging behind
its all-time high level of $3.30, some analysis indicates that it
may soon start to rise toward its peak. Following the recent rise,
several analysts anticipate XRP will rally even further and reach
unprecedented heights in the upcoming months. Short-Term Price
Target Set At $5 For XRP Jake Gagain, a cryptocurrency expert and
trader, has made a daring prediction for XRP, noting that the asset
could reach a new peak in this bull cycle. The analyst forecast
delves into the crypto asset’s potential to move higher before and
after the Bitcoin Halving event, which is expected to take place in
April. Related Reading: Crypto Analyst Says XRP Price Is Headed For
$27 As 2017 Pattern Emerges Gagain asserts that “XRP is one of the
top crypto assets today.” However, “unlike other notable coins,”
the coin achieved its all-time high record of $3.30 over 6 years
ago. Furthermore, Gagain claims that the token was unable to reach
a new peak in the 2021 bull run due to its legal disputes with the
United States Securities and Exchange Commission (SEC). In
December 2020, the SEC charged Ripple with raising over $1.3
billion through the sale of XRP in an unregistered securities
offering, which Gagain believes was the reason for the coin lagging
behind in 2021. Another factor considered by Gagain was the massive
number of tokens that “developers were dumping “on a monthly
basis.” However, if the company manages to win the lawsuit,
Gagain believes XRP could hit a new all-time high at the climax of
the present bull cycle. As a result, the crypto analyst is placing
his price target at the $5 threshold after the bull run ends.
According to Jake Gagain, the Bitcoin halving event is just around
30 days away, and the market is already showing strong momentum.
Specifically, the entire crypto market cap is at $2.5 trillion,
indicating an over 4% increase in the past day after a slow week.
Gagain also addressed a few other leading crypto assets in the
market, predicting massive gains before the halving. These include
Bitcoin (BTC) – the biggest digital asset, Ethereum (ETH), Solana
(SOL), and Cardano (ADA). $1 Target For April In Progress Another
crypto analyst optimistic about XRP is Dark Defender, predicting
that a “$1 price mark by April is in progress.” This suggests that
the coin could attain this level before the halving occurrence.
Related Reading: Get Ready For Liftoff: XRP Set For 20% Surge
Against Bitcoin, Predicts Analyst Dark Defender highlighted that as
of February 28, the asset was trading at $0.58. Meanwhile, he
expects XRP to be pegged at “$0.6462 by March 1, $0.77-$0.92 on
March 13, and $1 by April.” Given the new peak of $0.75, he
believes the Fibonacci Levels in the short term will be at
$0.9772-$1.5048, $2.3172. He expects his April targets to develop
“if XRP maintains the $0.58 Orange Support level, which performed
admirably.” Featured image from iStock, chart from Tradigview.com
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