Ripple’s XRP has risen by about 80% since the beginning of the year, attributed to the partial legal victories it obtained in the lawsuit filed by the U.S. Securities and Exchange Commission (SEC). It is currently trading at around $0.61. Analysts predict a significant price increase for XRP and expect it to reach $25 by the end of 2024, based on the formation of a “bull flag” pattern in its chart.
Is XRP Preparing for a 4,000% Price Increase?
The cryptocurrency market has shown significant strength in the past few days, with many cryptocurrencies reaching their highest price levels of the year. For example, Bitcoin (BTC) reached $42,000 for the first time since spring 2022, while Ethereum (ETH) surpassed the $2,200 threshold. Although Ripple’s native asset XRP has not been among the top performers in recent days, it has achieved significant gains since the beginning of the year. The company’s partial legal victories against the SEC and other vital factors have led to an approximately 80% increase in the price of XRP since January 1st. XRP is currently trading at around $0.61, and many experts argue that the price of the altcoin could skyrocket soon. One of those who think so is experienced analyst Fiery Trading.
The analyst shared a chart showing the formation of a bull flag pattern in XRP’s price chart and suggested that it could reach $25 by the end of next year, representing a 4,000% increase. The analyst stated, “This significant formation will eventually break at some point in 2024, and the most likely direction is upward, considering Bitcoin’s block reward halving. The target level I’m waiting for the breakout is $25.”
Another analyst who believes that XRP’s price is on the verge of a breakout is the person behind the popular crypto-focused YouTube channel CryptoTV. The analyst thinks that the altcoin could easily reach $0.83 in the short term and could see even more impressive gains in the long term.
Important XRP Metric at Its Highest Level in the Last 5 Months
Another indicator pointing to the possibility of a rally for XRP is the increase in the number of XRP transactions. The metric reached 1.38 million on December 4th, reaching its highest level since mid-July. Approximately 95% of these transactions were successfully completed.
There has also been a significant increase in the number of XRP wallets this year, currently standing at nearly 4.9 million. At the beginning of the year, the number of wallet addresses was around 4.5 million.