XRP Price Prediction: Evaluating Its Potential to Hit $1 (2024)

Debashree Patra

Debashree Patra
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Fun-loving and cheerful, a passionate blockchain and crypto writer who knows no boundary…connect if you share the same passion. With 10+ years of writing experience, I am a Crypto Journalist by chance, exploring, and learning all the dynamics of the sci-fi action-filled crypto world. Currently, focusing on cryptocurrency news and price data. With a passion for research and challenging my capabilities, I am slowly getting into the crypto arena to bring new insights every day.
Aug 3, 2024 17:07 UTC
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XRP Price Prediction: Evaluating Its Potential to Hit $1 (5)

The market’s down today—Bitcoin is at $61K, and Ethereum, XRP, and Solana are slipping between 4% and 7%. The global market cap dropped 4.76% to $2.19 trillion, but trading volume is up 10.72%.

Will XRP Price Hit $1?

SEC-Ripple settlement updates have influenced XRP’s price throughout July. Due to this speculation, XRP rose from $0.599 to $0.655 within hours, indicating investor interest. XRP’s price dynamics remain under focus despite its correction.

Famous crypto trader Goomba expressed confidence in XRP to go above $1 within the next few months. Goomba noted in a recent X post that while it’s not guaranteed, XRP can reach $1, a level it last saw in December 2021. At the time of Goomba’s prediction, XRP was trading at $0.6065, but it has since dropped below $0.60 and is currently priced at $0.57, reflecting a 1.32% decline over the past 24 hours. Moreover, XRP to hit the $1 mark, it must rally 75.43% from its current price.

Experts have also projected that XRP could reach the $1 threshold. We recently identified a golden cross in XRP’s chart, suggesting a potential surge above $0.65 to $1.

Impact of Geo-Political factors on XRP

Notably, XRP surged from around $0.40 to above $0.60, driven by Judge Analisa Torres’ ruling that XRP is not a security and rumors of a potential SEC settlement. However, recent volatility due to the Israel-Hamas conflict and Ripple unlocking 500 million XRP from escrow caused XRP to dip below $0.55 before rebounding to $0.57.

On-Chain Data and Investor Sentiment

On-chain data reveals growing optimism around XRP’s future. Many investors are positioning for a potential bullish run, as evidenced by an increase in shark and whale wallets holding at least 10,000 XRP each. These wallets have increased significantly over the past five weeks, now numbering around 279,400 addresses, indicating increased accumulation and confidence in XRP’s potential rally.

Though the crypto market is down, XRP shows durability and promise for future gains.

XRP’s Price Analysis

According to Crypto analyst Ali Martinez, XRP has consolidated within a symmetrical triangle pattern for the past six years. This phase began after XRP hit its all-time high of $3.40 in early 2018 and dropped to $0.11 in 2020. Since then, XRP has seen a series of lower highs and higher lows, forming a symmetrical triangle pattern. This pattern suggests that XRP’s price has been consolidated, potentially setting the stage for a significant future move.

The countdown has begun. Will XRP make it this time?

Also Read: Crypto Market Crash: Early Signs of Recession as Fed Maintains Tightening