Will Ripple (XRP) Rally to $5.5 – Just Three Months After The 2024 Halving?
Speculations about the price of altcoins have been high in the crypto market since the Bitcoin halving. One of the most popular altcoins, Ripple (XRP), continues to attract speculation from traders and investors.
Some XRP predictions are pretty bullish, with projections that the token will rise to $5.5 in three months. These arguments suggest that XRP still enjoys support from the XRP Army, desperate to see it rally despite its recent lackluster performance.
Analysts Make Bold Prediction for XRP's Price Post-HalvingPrice prediction 2-3 months after #halving
$BTC
$120,000$ETH
What do you think?
- BSC Scoop (@BscScoop) April 20, 2024
Analyst BSC Scoop on X posted predictions for nine popular crypto assets, which include BTC, ETH, VET, SOL, XRP, ADA, WIF, FET, and TAO. The analyst projected various target prices for the outlined assets three months after the just-concluded halving.
As part of his projections, BSC Scoop claims that XRP could rally to $5.5 between June and July 2024. This means the pundit is confident that XRP will rally above its all-time high value of $3.84. However, XRP trades around $0.54, meaning it has to rally by 932% to reach $5.5.
Another prominent crypto analyst, EGRAG CRYPTO, shared bullish predictions for XRP last month. According to the analyst, based on historical data, XRP is set for a rapid and aggressive price surge. He predicted that XRP would reach $27 in this market cycle.
#XRP
Is This Similar to 2017, or Are We Witnessing Something New?
The historical data reveals two crosses between the Yellow Line (20 SMA) and Blue Line (50 SMA).
A) If this resembles Cycle 'A', then we could expect a rapid and aggressive price surge, akin to a rocket... pic.twitter.com/o8PVCqJP14
- EGRAG CRYPTO (@egragcrypto) March 19, 2024
Another analyst, TOBLERONE, believes that XRP will rally up to 1500% before this cycle ends. This analyst based his predictions on the 3-day MACD indicator, noting that it displays a bullish signal.
XRP Might Take Longer Time to Hit Its Peak Based on Historical PerformanceWhile several analysts are bullish on XRP, historical data suggests their projections for Ripple (XRP) might take longer to materialize.
Notably, after Bitcoin's third halving in 2020, it took XRP about 11 months to gain 942% and trade at $1. Three months after the 2020 halving, XRP only gained 72%, moving from a bottom of $0.1885 to $0.3244.
Earlier, in July 2016, XRP held onto the $0.006 range for eight months before it began to rally. Remarkably, it gained over 75,000% in the bull run, and this massive gain occurred 18 months after the 2016 Bitcoin halving.
So, based on this historical data, prominent trader Ash Crypto gave a 12-15-month timeline for XRP and other assets to rally. According to Ash Crypto, XRP will soar by 848% to $5 within this timeframe. This closely resembles XRP's price moves in 2021, when it took around 11 months to hit its peak price.
How is Ripple (XRP) Faring Today?
XRP has found support at $0.54 today and is testing the $0.56 resistance level. A break above $0.56 will likely move XRP back to $0.7. The RSI indicator is in the neutral zone and displays a value of 47.21. If this indicator rises above 50, XRP's rally will likely begin in the next few days.
Also, the Moving Average Convergence/Divergence (MACD) indicator is now above its signal. This is a buy signal suggesting that more buyers will enter the market soon.
A combination of these indicators suggests XRP will likely rally to trade at a minimum value of $0.6 in the coming days.
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