Despite the optimistic outlook of XRP supporters, the metrics for XRP validate both bullish and bearish expectations for the year 2024.
However, there is a bullish prediction for XRP from an analyst who believes that the price could reach $1 by April.
The recent altcoin rally in 2024 has put altcoins like Ripple (XRP) in a positive position. Last year, XRP experienced a significant upward trend before the bears took over. Since the beginning of the year, XRP has seen a major decrease in price. However, market sentiment, on-chain data, and current XRP metrics suggest that the asset could potentially move sideways in the long-term.
One notable validation of XRP’s bullish potential is the increase in demand. Historically, an increase in daily transactions indicates an increase in demand for the asset. In the case of XRP, transactions have skyrocketed, with an average of 686,000 transactions in the past seven days since March 7th. In comparison, during the same period last year, only 218,000 transactions were recorded. Additionally, there has been a surge in active XRP addresses and XRP searches, indicating rising interest.
On the other hand, transaction figures have declined since the peak of 5.4 million transactions in January. With the current supply of 54,736,690 XRP in circulation, the asset could become more inflationary if demand decreases in the future, especially as more XRP tokens are being mined.
Despite the recent lackluster performance of XRP, a market analyst is making a bullish prediction for the asset. According to a 1-day trading chart, the analyst known as DefendDark stated that XRP reached a price point of $0.58 on February 28th, and is expected to surge to $1 by next month. The analyst also mentioned successful price points of $0.6462 and $0.92 on March 1st and 13th respectively, further supporting the possibility of XRP reaching $1 in March.
The analyst provided further details on the potential movement patterns for XRP in the coming week, maintaining a largely bullish position. Based on the new high of $0.75, the analyst outlined targets of $0.9772-$1.5048 and $2.3172 in the short term, with the expectation that XRP will maintain its current level and reach these targets in April.
Following a decline in Bitcoin’s price to $62,000, the overall cryptocurrency market experienced a slight dip in global market cap value. This also affected altcoins, including XRP. However, XRP is currently showing daily and weekly gains of over 11%, trading at a price of $0.608 at the time of writing.
In conclusion, XRP has both bullish and bearish expectations for 2024, but there is a bullish prediction of reaching $1 by April. Despite recent price declines, XRP’s metrics suggest a potential sideways movement in the long-term. Increased demand is validating XRP’s bullish potential, although transaction figures have decreased. The market analyst’s prediction supports the possibility of XRP reaching $1 in the near future.