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Tuesday, May 21, 2024

XRP’s Price Eyeing the $1 Target in the Next Few Months Despite the Market Correction: Analyst

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  • Analysts remain optimistic about XRP’s recovery from its current dip, predicting significant price increases and emphasizing the critical role of the bulls in the near term.
  • The outcome of Ripple’s lawsuit with the SEC is seen as a key factor that could drive XRP’s price to new highs, with some forecasts suggesting a rally towards $5.85.

Ripple’s XRP is among the numerous cryptocurrencies whose prices nosedived during the most recent market correction. Currently, the asset is hovering at the $0.63 mark (per CoinGecko’s data), meaning 5.5% down on a 24-hour scale.

Some analysts, including the X user EGRAG CRYPTO, remain unfazed by the ongoing trend, predicting a bright future for XRP and “life-changing, double-digit price targets.”

The enthusiast with thousands of followers claimed that the asset is currently in a so-called “bouncy-bounce” range, meaning the bull’s actions are of utter importance:

“The next task for the bulls is crucial: they must either initiate a bounce from the current levels or prepare for a potential revisit of the Fib 0.382 level ($0.60), which could manifest as a wick.”

EGRAG CRYPTO believes a breakout above the aforementioned zone could lead to a price ascent of almost $1 by next month.

Earlier this week, CrediBULL CRYPTO and Dark Defender also outlined optimistic predictions. The former thinks XRP could enter a bullish phase that could outshine other digital assets, including Bitcoin (BTC).

Dark Defender reiterated his stance that Ripple’s token is poised for a rally toward $1.88 and eventually an all-time high of $5.85.

One factor that could positively impact XRP’s price is the outcome of the lawsuit between Ripple and the United States Securities and Exchange Commission (in the event of a decisive win for the company, of course).

The trial between the entities is scheduled for April 23, but its resolution might be delayed until 2026 (according to the popular AI-powered chatbot ChatGPT).

Those willing to explore additional elements hinting that XRP could be on the verge of a price explosion throughout 2024, feel free to watch our dedicated video below:

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