Developed by Ripple Labs to offer a solution for fast cross-border money transfers, the 6th largest cryptocurrency by market value, XRP, continues to attract investor interest. XRP, which was one of the top 5 cryptocurrencies until Solana’s (SOL) significant rise, has started to show signs of life. In this context, we have compiled analysts’ predictions for XRP in 2024.
Ripple’s XRP Indicates Bullish Signals According to Technical Indicators
XRP‘s chart shows that the altcoin’s price has followed a falling wedge formation, a bullish technical pattern, over a 20-day period since December 8th (when it traded at $0.67), a 50-day period since November 6th (when it traded at $0.71), and a 28-week period since July 13th (when it traded at $0.81).
XRP, which has been moving around an average of $0.62 for some time, is currently trading below its all-time high of $3.84. This indicates that the altcoin could experience an 84% increase if it only reaches its previous record level. Especially after the 2020-2021 bull market, which Ripple had to miss due to a lawsuit filed by the US Securities and Exchange Commission (SEC), expectations for the next bull run for XRP have significantly increased.
5 Intriguing XRP Price Predictions for 2024
While the technical outlook is such, market observers and analysts continue to make notable predictions for XRP in 2024. Changelly‘s price prediction charts indicate that XRP could rise to an average of $0.81 in 2024. This prediction is based on the technical analysis of analysts from the Prague-based cryptocurrency exchange.
The well-known cryptocurrency analyst Egrag Crypto also shared his prediction for XRP in 2024. The analyst foresees that the altcoin will surpass the $1 mark within the next 55 days, reaching $1.20. In addition to this relatively high price target, the analyst pointed out that the altcoin typically shows a snail-like crawling trend before sudden price spikes.
Experienced cryptocurrency analyst Dark Defender is also expecting a rise in XRP. The analyst predicts that the altcoin will refresh its record by exceeding $5 by the second quarter of 2024. The analyst added that the initial target level before this rise is $1.88. Known for using the Elliott Wave theory, cryptocurrency analyst James Crypto expects XRP to rise to the $5-13 range by March – April 2024, which is the period when Bitcoin‘s block reward halving is expected to occur.
The famous YouTube host JWK, known for his interesting crypto commentary, has an even more intriguing view. The analyst recently made a highly improbable price prediction of $352 for XRP.
