For the second time in a row, XRP‘s price has significantly risen above its long-term average. However, some investors are cautious, predicting a brief rally before another price drop back to the average. Others, though, view this as the commencement of a Bull Run for XRP. Over the past few years, XRP has consistently underperformed and lost all of its previous advancements. Despite numerous efforts, it has repeatedly failed to surmount the resistance barrier and reach new heights.
In this blog, let us discuss whether the XRP price might recover or not.
XRP Price Analysis
The price of XRP has jumped by 4% since yesterday and is now at $0.6301. With a market capitalization of over thirty-four billion dollars ($34,670,435,874), XRP‘s market value has increased significantly. Furthermore, the trading volume has experienced a substantial rise of 55%, resulting in a trading volume of $2,452,337,304.
The price of XRP didn’t reach its peak in March when it hit $0.718, but recent gains have still brought substantial returns for investors.
XRP has yet to reach its peak value of $3.84, last seen about six years ago. This raises doubts about the current price surge and if XRP can surpass this historic high.
Top Reasons Why XRP Price Might Recover
Following the SEC’s legal action against Ripple, XRP displayed minimal movement before recently shifting upward. Given these positive signals, the value of XRP could potentially increase further in the coming days.
XRP Bullish Indicators
XRP started April on an uptrend and has kept climbing higher. Additionally, the Relative Strength Indicator is currently above 50, suggesting that this upward trend will persist. There was a comparable trend in March, yet the price did not fully rebound despite the stimulus.
For several months, the price of Ripple‘s token has failed to surpass the $0.65 resistance mark. Should it manage to do so this occasion, it could increase the likelihood of XRP reaching $1.
A cryptocurrency expert named Dark Defender anticipated that XRP would surpass the $5.85 threshold based on his assessment of its sideways trend. He identified April as a significant price-shaping month, potentially overcoming any existing resistance to reach targets at $1, then $1.88, and eventually $5.85.
Hello!
I hear the ones; #XRP only goes sideways between $0.49, $0.58, and $0.67, right?
Yeah yeah, I think starting this Month, April, a lot of melting faces will be around.…
— Dark Defender (@DefendDark) April 8, 2024
Upcoming Bitcoin Halving
After a Bitcoin halving, it’s commonly believed that a bull market, or “bull run,” will ensue. During this period, XRP could experience notable growth. According to industry predictions, XRP‘s price might rise by as much as 80%. This surge could propel XRP above its previous record-high due to heightened market liquidity and bullish sentiment.
Conclusion
While the signs aren’t definitive for a significant increase in XRP price just yet, the upcoming bull market is expected to significantly influence the token’s value as it moves closer to its all-time high. The XRP community, which has been anticipating a resurgence for over a year, will be watching closely to see how things unfold in the coming days and determine the future of this Ripple token.
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2024-04-09 22:11