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03/22/2024

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XRP Set For Rapid Rally, Target At $5 In The Short Term

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...

XRP Set For Rapid Rally, Target At $5 In The Short Term

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.

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.

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.

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.”

XRP trading at $0.6200 on the 1D chart | Source: XRPUSDT on Tradingview.com

Featured image from iStock, chart from Tradigview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

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