- Experts have predicted a surge in XRP and other major cryptos due to Bitcoin’s strong performance.
- The upcoming halving, among other factors, is expected to have spilled over to other digital currencies like XRP.
- Historical data suggests that XRP might follow a similar trajectory to previous bull runs.
While the cryptocurrency market seems to be taking a breather after its explosive gains, some experts believe certain assets are poised for a renewed bull run. One such contender is XRP, the native token of the Ripple network, which could see its price double this year, according to some analysts.
Bitcoin Eyes $57,000
Markus Thielen, head of research at crypto analytics platform 10X Research, sees positive signs for Bitcoin, the market leader. He believes Bitcoin has its sights set on $57,000 and has a good chance of breaking through that resistance level. This strong performance, he argues, would pave the way for gains in other major digital assets, including XRP and Ethereum.
Further buoying optimism is the next Bitcoin halving event, expected in 2024. This event, which occurs roughly every four years, reduces the number of new Bitcoins entering circulation, historically leading to price increases.
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Ben Weiss, CEO of Bitcoin ATM operator CoinFlip, emphasizes this anticipated boost: “Bitcoin prices are rallying, innovations are expanding globally, and the upcoming Bitcoin halving all point towards a bullish future.”
Analyst Says $2 XRP Is Possible
Adding to the positive sentiment is Anthony Scaramucci, founder of hedge fund Skybridge Capital. He assures investors wary of missing out on Bitcoin’s previous gains that there’s more to come: “Falling interest rates, new exchange-traded funds attracting billions, and the halving just two months away – a face-ripping rally is coming, in my opinion.”
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Intriguingly, crypto analyst Dark Defender has drawn parallels between the current Bitcoin-XRP trading pair’s relative strength index (RSI) and its historical levels during the 2017 and 2021 bull runs. This analysis suggests XRP could skyrocket to $2 in 2024.
Historically, Bitcoin’s price movements have significantly impacted other digital assets, including XRP. This pattern has been evident in XRP’s doubling in value since last year, mirroring Bitcoin’s growth. This correlation fuels hopes that XRP could cross the $1 mark in 2024.
On the Flipside
- The SEC’s lawsuit against Ripple, alleging it sold unregistered securities, is ongoing. A negative outcome could significantly impact XRP’s price and adoption.
- Past performance isn’t necessarily indicative of future results. Analyst predictions, like Dark Defender’s $2 target, should be viewed with caution and not taken as financial advice.
Why This Matters
A potential Bitcoin surge coupled with the 2024 halving could trigger a bull run across the crypto market, potentially doubling XRP’s price and pushing it past the crucial $1 mark, mirroring historical correlations and analyst predictions. This has significant implications for XRP holders and could influence broader market sentiment.
While some analysts predict a “mega move” for XRP, others caution about the risks involved. To learn more about the potential future of XRP, read here:
XRP’s Weekly Surge Sparks Improbable 7000% Pump Speculations
Industry leaders are optimistic about XRP’s future, with some predicting a price surge to $5. Learn more about factors affecting XRP’s price and potential future here:
Is a $5 XRP Possible? Why ETF and IPO Might Be the Ticket
