Ripple (XRP) to Hit $1 By the end of This Month? Analysts Chip In
TL;DR
Recent XRP Price Dip and Optimistic Outlook: XRP has dropped from about $0.70 to $0.60, but analysts predict it could reach new highs before the end of 2023, potentially surpassing $1.20 soon.
Analyst Predictions for XRP’s Future: EGRAG CRYPTO outlines two scenarios: the “Blue Route” with XRP rising to over $1.20 and an all-time high of $5.50 by late 2024, and the “Green Route” with a short-term drop to $0.50, followed by a surge to $22.50 by mid-2024.
Exchange Support Boosts XRP’s Prospects: The re-listing of XRP on major exchanges like Coinbase, Kraken, and Crypto.com, along with new support from Blockchain.com, could contribute to its potential price increase.
XRP to Surpass $1 Before the End of 2023?
Ripple’s native token – XRP – has been on a downfall in the past few days, with its price dropping from almost $0.70 to its current level of approximately $0.60 (per CoinGecko’s data). However, some analysts remain optimistic that the asset would reach a new yearly peak before New Year’s Eve.
The popular X (Twitter) user EGRAG CRYPTO presented two possible scenarios that could be in the cards for XRP. The first one, described as “Blue Route,” indicates that the token’s price might be on the verge of surpassing $1.20 in the following weeks.
“January 2024 might just be the moment when things really start moving,” the analyst claimed.
The coin could then experience a significant correction before skyrocketing to an all-time high of $5.50 by the end of 2024.
XRP might take another path, named “Green Route.” That scenario is more bearish for the short term, showing that the asset could plunge to around $0.50 by Christmas. On the other hand, it might also lead to a price explosion toward a whopping $22.50 by July next year.
“I’m leaning towards the Blue Route for how things might happen, but I’m cheering for the Green Route to hit its goal,” EGRAG CRYPTO summarized.
The crypto analyst using the X handle JD also thinks XRP’s price could jump in the near future. According to them, the asset’s potential bounce off on weekly close could propel substantial gains.
“If it breaks back below the trendline, it could be a false breakout,” JD concluded.
Those willing to check how XRP might perform in the remaining weeks of 2023 could take a look at our dedicated video below:
XRP Received Support From This Exchange
Another factor that might play a role in XRP’s potential price appreciation is further support from cryptocurrency exchanges.
As CryptoPotato recently reported, the latest marketplace to add the token to its platform was Blockchain.com. Recall that the company ceased operations with XRP at the start of 2021, shortly after the US SEC sued Ripple.
Other exchanges that have re-listed the digital asset this year (following Ripple’s partial court wins against America’s securities regulator) include Coinbase, Kraken, and Crypto.com.
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Filed under: Bitcoin - @ December 13, 2023 8:15 pm