XRP Analysis Shows Bullish and Bearish Expectations for 2024
Despite the positive sentiment surrounding XRP, the metrics for the cryptocurrency validate both bullish and bearish expectations for the year 2024.
However, one XRP analyst is making a bullish call for the cryptocurrency, suggesting that it could reach a price of $1 in April.
The recent rally of altcoins in 2024 has placed leading altcoin Ripple (XRP) in a bullish position. Last year, XRP experienced a significant upward trend before the bears took control. Since the start of the new year, XRP has seen a major decline in prices. However, market sentiments, on-chain data, and current XRP metrics indicate the possibility of sideways movement for the cryptocurrency in the long term.
Demand for XRP seems to support its bullish potential. Historically, an increase in daily transactions indicates an increase in demand for the asset. In the case of XRP, transactions have skyrocketed, with an average of 686,000 transactions in the past seven days since March 7th. In the same period last year, only 218,000 transactions were recorded. Additionally, active XRP addresses reached a peak in January, and XRP searches surged as interest rates rose in February.
On the other hand, transaction figures have declined since the record-breaking 5.4 million transactions in January. With the current circulating supply of 54,736,690 XRP, the cryptocurrency could become more inflationary if demand decreases in the future, especially as more XRP tokens are still being mined.
Is XRP Heading to $1? Here’s What Could Happen
Despite the lackluster performance of XRP in recent weeks, a market analyst is making a bullish prediction for the cryptocurrency.
According to a 1-day trading chart, the pseudonymous XRP analyst DefendDark stated that XRP reached a price of $0.58 on February 28th, but it is expected to surge to $1 next month. The analyst highlighted the successful achievement of two price points, $0.6462 and $0.92, on March 1st and 13th, respectively. Therefore, there is still a possibility of XRP reaching $1 in March.
The analyst also outlined the potential movement patterns for XRP in the coming week. Holding a predominantly bullish position, the analyst stated, “Based on the new high of $0.75, the targets are updated as follows: Fibonacci Levels: $0.9772-$1.5048, $2.3172 in the short term. We recently mentioned $0.58, Orange Support, which worked successfully. Based on the structure below, XRP will maintain this level and proceed with the targets, which I expect to happen in April. (Not Financial Advice) Long story short, XRP is standing on the ‘SpringBoard’.”
Following Bitcoin’s drop to $62,000, the overall cryptocurrency market experienced a slight decrease in global market cap value. Altcoins, including XRP, have also followed this trend. Currently, XRP is trading at a price of $0.608, with daily and weekly gains above 11%.
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