Ripple’s XRP token is currently experiencing a gradual price uptick in the cryptocurrency market. Recent revelations regarding its case with the SEC have put the price of XRP under scrutiny.
Notable analysts are making price predictions for XRP as it adapts to a slower pace this bull season. Despite this, community sentiments towards the token remain strong, indicating that XRP may soon hit the $1 mark.
According to Egrag Crypto, a cryptocurrency analyst, XRP is forming a “double bottom pattern” on its candlestick chart, signaling bullish trading momentum. This pattern typically indicates a reversal in a downtrend, suggesting that the sellers are losing momentum and the token may adapt to a bullish price pace.
Coinpedia notes that XRP is currently facing price pressure at $0.50 but could break past it and enter the bullish realm if it leverages the current market pace. The weekly chart shows that if buyers counter the selling pressure at $0.50, Ripple could significantly recover and potentially break out.
Looking ahead, Coinpedia predicts that Ripple may reach $1.6 by the end of 2024, with a possible high of $2.24 and a low of $1.6–$1.9. Breaching the $1 mark is seen as a pivotal moment that could increase the likelihood of reaching the $2.23 high. However, a fall below $1.60 could signal a prolonged breakdown phase.