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The beginning of 2024 was not favorable for Ripple‘s XRP as the popular altcoin faced a significant decline, erasing most of its gains from 2023 and falling below the $0.50 level in early February. However, according to CoinGecko’s data, in recent weeks, XRP’s price has shown a noteworthy increase of 11 percent over a 14-day period, indicating a resurgence in its upward trend.
Analysts Optimistic About XRP: Some Expect a Rise to $27
Analysts and cryptocurrency experts are now focusing on the potential for XRP’s upward momentum to continue in the months ahead. Popular crypto analyst EGRAG CRYPTO pointed out the resistance levels XRP is facing, suggesting that the altcoin could potentially rise to $0.75, $1, $1.50, and $1.96 after overcoming a resistance at $0.61. According to EGRAG CRYPTO, the second price target could be reached by the end of 2024, and there might even be a FOMO-driven price explosion towards $27. However, it should be noted that such a price target, representing a 4,967 percent increase, may not be feasible due to the high circulating supply of the altcoin.
Another popular analyst Dark Defender made an interesting prediction, suggesting that XRP could rise to $2 by mid-2024 and then reach an all-time high of $6 by the end of the year, securing further gains.
Anonymous cryptocurrency analyst Marzell also made a short-term forecast from his personal X account, claiming that XRP could experience a 30 percent price increase during the ongoing week, potentially reaching around $0.72.
According to ChatGPT, Clearing SEC Hurdle Could Open Path for XRP’s Rise
In addition, the popular AI-powered chatbot ChatGPT highlighted potential factors that could contribute to a significant price increase for XRP, especially towards the $2 milestone. A key factor noted by ChatGPT is the outcome of the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC).
The Ripple – SEC court hearing is scheduled for April 23, following a series of partial legal victories achieved by Ripple in 2023. However, the SEC recently scored a significant victory when Judge Sarah Netburn decided that Ripple must disclose significant financial records for 2022 and 2023 as requested by the SEC.
ChatGPT also emphasized that, in addition to the legal process, factors such as positive market sentiment, the development of a suitable regulatory framework for cryptocurrencies, and increasing adoption could influence XRP to follow a positive trajectory.
