Will XRP Reach $1 in 2024?
Ripple’s XRP token has shown signs of gaining momentum, with a surge in the funding rate in futures markets indicating increased bullish speculation. This unexpected upswing has sparked speculation that XRP might reach the psychologically significant $1 milestone by 2024.
Factors That May Contribute to the $1 Aim
An analysis suggests that XRP has formed a significant bull flag on the monthly chart, following its peak at $3.84 in 2018. Despite facing obstacles such as an SEC lawsuit, XRP’s overall performance has given rise to this bullish pattern. Speculation about an IPO by Ripple has also contributed to the optimism, as the company recently posted a job opening for a Senior Shareholder Communications Manager with responsibilities typically associated with IPO preparations.
The resolution of the SEC vs. Ripple case in favor of the former could also boost investor confidence and attract fresh capital to XRP.
XRP Price Analysis
Currently trading at $0.6399, XRP has experienced a 2.81% increase over the past 24 hours and a total gain of 7.37% on the weekly chart. Over the past year, it has surged by 84%, outperforming 52% of the top 100 crypto assets. It is trading above the 200-day simple moving average and has seen positive performance on 17 out of the last 30 days.
Conclusion
While XRP’s recent price surge and bullish patterns have raised hopes for reaching $1 by 2024, it is important for traders to conduct thorough research and assess risks before investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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