Although the majority of assets in the cryptocurrency sector are starting to slow down their gains or even flip into the red, XRP is one of the few that is still growing its price, and market participants are wondering – can XRP reach $1 sometime in the future?
Indeed, the current price of the XRP token, which at press time stood at $0.57, suggests a 1.7% gain in the last 24 hours, in addition to growing 7.74% across the previous week, advancing 2.78% over the month and accumulating an increase of as much as 44.59% in the last year.
XRP 12-month price chart. Source: Finbold
On top of that, recent data shows that XRP has added over $2 billion to its market capitalization in the last week alone, albeit still dragging its feet behind Solana (SOL), which overthrew it from its position as the fifth-largest crypto asset by this indicator late last year – as Finbold reported on December 21.
XRP 7-day market cap chart. Source: CoinMarketCap
Can XRP hit $1?
Interestingly, XRP has not just traded above the psychologically critical price threshold at $1 for nearly two months between December 21, 2017, and February 1, 2018, but has also briefly surpassed the $3 price mark, hitting an all-time high (ATH) at $3.4 on January 7, 2018.
With such price action, XRP has demonstrated its capability to grow its price remarkably, considering it managed to grow its price by a whopping 1,378% in a matter of weeks, considering it was changing hands at the price of a mere $0.23 on December 10 – so such price targets are not that inconceivable.
XRP all-time price chart. Source: Finbold
Does XRP have a future?
In terms of the price of XRP for the near future, i.e. in the next 30 days, the advanced machine learning algorithms used by the crypto market analytics and forecasting platform PricePredictions see a slight increase, having it set to reach $0.6034 by March 20, 2024, as per data retrieved on February 20.
XRP 30-day price forecast. Source: PricePredictions
As the above data suggests, the platform, which relies on indicators like moving average convergence divergence (MACD), Bollinger Bands (BB), relative strength index (RSI), and average true range (ATR), predicts that XRP could grow by 5.87% compared to its current price.
At the same time, the RSI action for the XRP – Bitcoin (BTC) trading pair on its weekly chart matches those witnessed before the 2017 and 2021 bull runs, with the possibility of it soaring to as high as $2 during the possible 2024 bull run, as per the observations by crypto analyst Dark Defender shared on February 19.
XRP-Bitcoin pair analysis. Source: DefendDark
On top of that, XRP boasts a bullish sentiment on its 1-day, 1-week, and 1-month gauges at TradingView, all of which suggest a ‘buy’ for the asset that has been at the center of the legal struggle between the United States Securities and Exchange Commission (SEC) and Ripple over XRP issuance and status.
XRP 1-month sentiment gauges. Source: TradingView
All things considered, XRP has enough strength to further its gains and even cross the $1 level at one point in 2024, perhaps going further upwards and beyond this threshold. However, it is important to carry out one’s own research and weigh the risks before investing in any asset.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
