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Sunday, July 21, 2024

Ripple (XRP) Price Gearing up for ‘Explosive Upward Move’ (Analyst)

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  • Despite recent modest gains, analysts predict a significant price surge for Ripple’s XRP, with targets ranging from $1 to $6, bolstered by expectations of a bullish market cycle and upcoming Bitcoin halving.
  • The outcome of Ripple’s ongoing legal battle with the US SEC is also anticipated to influence the asset’s price.

Ripple’s XRP has recently consolidated around $0.62-$0.63, witnessing smaller

gains on a monthly scale than most leading cryptocurrencies. Numerous analysts, though, remain unfazed by this trend, predicting that the asset is on the verge of a price explosion.

One example is the X user Mikybull Crypto, who argued that XRP “has concluded its retest and it’s now preparing for an explosive upward move.” According to the trader, the token’s next target is in the range of $1-$6.

The financial expert and investor Vandell AlJaraah chipped in, too. He believes XRP holders should not part with their stash now since “we’re at the onset of a bullish cycle, with the altcoin season yet to peak & the Bitcoin halving ahead.”

“Understanding market cycles is essential for prudent investment decisions. We haven’t even started. The peak will be from 2024 to 2025,” he added.

The upcoming halving should take place in less than a month. The event occurs roughly every four years and slashes the reward received by miners for validating blocks on the BTC blockchain in half. It is an integral part of Bitcoin’s anti-inflationary nature and historically has been followed by a massive resurgence of the entire cryptocurrency market.

Dark Defender and EGRAG CRYPTO have also outlined bullish forecasts recently. The former thinks XRP could hit $1 next month due to overcoming previously depicted resistance levels, while the latter predicted that the valuation might rise to $1.40 in the following weeks.

The outcome of the trial between Ripple and the US SEC, scheduled for April 23, may impact the price of the cryptocurrency. Recall that XRP skyrocketed by 70% when the company secured its first partial court victory last year.

Those willing to observe other factors signaling that the asset’s price is poised for a bull run throughout 2024, feel free to check our dedicated video below:

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