Ripple’s XRP continues to keep up with its spot as one of the leading cryptocurrency tokens in the crypto market in the first quarter by closing at $0.61. Future predictions vary between a potential rise of 20% and a fall of nearly 30%. The spotlight is on whether XRP will reach new heights in 2024’s bullish market.
What do you think? Maybe the information below can help you make your decision.
XRP’s Journey in Q1 2024
In January 2024, Ripple experienced a notable correction, marking a shift in dynamics with a key support level at $0.62 and the emergence of a falling wedge pattern. Traders are intrigued by these developments, pondering how XRP’s price might be influenced by the upcoming Bitcoin halving and the ongoing Ripple Vs SEC legal battle.
Throughout the first quarter of 2024, Ripple’s XRP faced its share of challenges. Egrag Crypto, a prominent analyst, outlines two potential scenarios: a peak or a valley. While there’s confidence in XRP’s potential to surpass $10, certainty remains elusive.
Egrag Crypto also suggests that XRP is gearing up for a bullish run, supported by its consistent closure above the 21 Exponential Moving Average (EMA) over six consecutive months.
Is an XRP Rally Coming?
Several factors could fuel an XRP rally, including the upcoming Bitcoin halving and the Ripple Vs SEC legal battle. The highly anticipated trial on April 23 could significantly impact XRP’s trajectory, especially if Ripple secures a favorable outcome. With notable legal victories in 2023, optimism abounds for XRP’s future.
Ripple Labs’ expansion and strategic collaborations are expected to enhance XRP’s value. With a total supply of 10 billion XRP tokens, there’s potential for a renewed market valuation post-Ripple Vs SEC ruling. Currently priced at $0.59, projections hint at a potential 25.59% surge by mid-April 2024.
