- Recent Performance and Analyst Views: Ripple’s XRP has seen varying price levels recently, with some analysts predicting an upturn.
- Factors Influencing Future Trends: Several factors, including Ripple’s legal developments and broader market conditions, could play a role in shaping XRP’s performance.
XRP Bulls Remain Optimistic
Despite some episodic price jumps, Ripple’s XRP has not started the year on the right foot, currently hovering around $0.58 (per CoinGecko’s data) and trading far from its peaks of over $0.80 registered last summer. However, numerous crypto analysts believe the trend could change in the near future.
The X (Twitter) user Crypto Rover shared a chart, according to which XRP might experience a “massive breakout” in the next eight weeks.
Dark Defender also touched upon the matter, claiming the asset has been in a bullish mode for the past six months. The analyst believes there are 10 more months (at least) in which XRP’s value could skyrocket to as high as $22.50.
“Considering the minimum Bullish Cycle of 13 months and a maximum of 20 Months, we can expect at least the average of (13+20)/2 = 16.5 months. Since we are at the 6th, we could expect 10 more months for XRP to stay Bullish. The chart intersection indicates the wedge will be eliminated on or before May 2024,” the analysis reads.
Those willing to observe additional XRP price forecasts could take a look at our latest video below:
XRP’s Potential Catalysts
One factor that could positively impact XRP’s price is a decisive Ripple win in the lawsuit against the United States Securities and Exchange Commission (SEC).
Recall that XRP’s value spiked substantially in July 2023 when Federal Judge Analisa Torres ruled that Ripple’s secondary sale of XRP didn’t constitute an offer of investment contracts.
Linda P. Jones – an author, wealth mentor, and speaker – believes there are other elements that could propel a price increase for the coin, including a potential Ripple IPO, implementing appropriate regulations on the cryptocurrency sector, and the upcoming Bitcoin halving.