XRP continues to maintain its position as one of the top cryptocurrency assets in the crypto market today after witnessing a remarkable recovery starting the day at the $0.64 price mark, putting it in the spotlight.
Although the price of XRP is still lagging behind its all-time high of $3.30, some analysis indicates that it could soon start rising towards its peak. After the recent surge, several analysts predict that XRP will rise further and reach unprecedented levels in the coming months.
Short-Term Price Target Set at $5 for XRP
Jake Gagain, a cryptocurrency expert and trader, done a bold prediction for XRP, noting that the asset could reach a new peak in this bull cycle. The analyst forecast investigates the crypto asset’s potential to rise before and after the Bitcoin Halving event, which is scheduled to take place in April.
Gagain claims that “XRP is one of the top crypto assets today.” However, “unlike other notable coins”, the coin reached its all-time high of $3.30 over 6 years ago.
Furthermore, Gagain claims that the token failed to reach a new high in the 2021 bull run due to its legal disputes with the United States Securities and Exchange Commission (SEC).
In December 2020, the SEC accused Ripple of raising more than $1.3 billion through the sale of XRP in an unregistered securities offering, which Gagain believes was the reason for the currency’s delay in 2021. Another factor considered by Gagain was the large number of tokens that “developers were dumping “monthly.”
However, if the company manages to win the lawsuit, Gagain believes that XRP could reach a new all-time high at the climax of the current bull cycle. As a result, the crypto analyst is placing his price target at the $5 limit after the bull run ends.
According to Jake Gagain, there are only 30 days left until the Bitcoin halving and the market is already showing strong momentum. Specifically, the entire crypto market value stands at $2.5 trillion, indicating an increase of over 4% in the last day after a slow week.
Gagain also addressed some other leading crypto assets in the market, predicting massive gains ahead of the halving. These include Bitcoin (BTC) – the largest digital asset, Ethereum (ETH), Solana (SOL)It is Cardano (ADA).
$1 Target for April in Progress
Other encryption analyst Optimistic about XRP is Dark Defender, predicting that a “$1 price tag by April is in the works.” This suggests that the coin could reach this level before the halving occurs.
Dark Defender highlighted that on February 28, the asset was trading at $0.58. Meanwhile, he expects XRP to be pegged at “$0.6462 by March 1, $0.77-$0.92 by March 13, and $1 by April.”
Given the new peak of $0.75, he believes near-term Fibonacci levels will be between $0.9772-$1.5048, $2.3172. He expects his April targets to pan out “if XRP holds the $0.58 Orange support level, which it has performed admirably.”
Featured image from iStock, graphic from Tradigview.com
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