Could XRP Finally Hit $1? Key Factors To Consider, According To Analysts

Christian Encila

8 months ago

3 mins read

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Many XRP holders expect the altcoin to break $1 soon. XRP has traded around $0.50 for a while despite lingering pressure in the crypto market. Some analysts recently predicted that XRP’s long-awaited bull run will commence as Bitcoin’s dominance declines.

XRP Price Forecast: Positive Signs Ahead?

The current price projections for XRP from CoinCheckup suggest a bullish trajectory. Analysts anticipate a 14% increase in the altcoin over the next three months, despite the fact that it is currently trading 18.77% below the estimate for the following month.

This modest ascent can be a precursor of a sustainable rally, which will present traders with steady increases. XRP is seen climbing 150% in the next half-year period and 125% by 2025. The positive forecasts for this coin, therefore, suggest that this is the beginning of a strong price growth phase, courtesy of increased consumer confidence and broader adoption.

Very crucial for #XRP to close this weekly candle above 55 cents or else we’ll test the support at 40 cents.

The #Bitcoin dominance is almost near the top and once it starts dumping we’ll see all #Altcoins pull a 2-5x easy. Just accumulate coming year is very bullish! #Crypto pic.twitter.com/Dk0ARRnjE9

— THE GOAT TRADERS (@TheGoatTraders) October 6, 2024

Key Resistance Levels To Watch

Even with these positive outlooks, XRP still has to break over a few significant resistance levels before a real bull run can start. The “GOAT” trader pointed out that in order for XRP to keep moving higher and hit $1, it needs to close above $0.55 on the weekly chart.

XRP market cap currently at $30 billion. Chart: TradingView.com

If it fails, the altcoin might fall as low as $0.40, testing crucial support levels before attempting another rally. Another technical analyst, “Charting Guy,” has joined in, suggesting that XRP’s price movement will be greatly influenced by Bitcoin’s performance. According to him, XRP will trade between $0.43 and $0.67 until Bitcoin overcomes its $70K resistance.

for people asking me when will $XRP moon or is it over, etc etc.

i will repeat for the millionth time$XRP and other lagging altcoins will do NOTHING significant until $BTC breaks into price discovery

it’ll range between 0.43 – 0.67 until then

monthly bollinger bands continue… pic.twitter.com/GwSrwJEDI0

— Charting Guy (@ChartingGuy) October 6, 2024

Bitcoin’s Impact On XRP’s Future

Bitcoin has been in a quite limited trading range and has not yet broken beyond $70,000. Although the top coin peaked in March at $73K, it struggled to maintain the level and finally encountered continuous obstacles that is preventing it from reaching a new price discovery phase.

So long as Bitcoin is below this crucial level, Altcoins that are underperforming, such as XRP could continue to trade sideways. According to Charting Guy, breaking resistance would be the critical support for the upward trajectory of XRP.

Bollinger Band Tightening: What It Means For The Altcoin

Meanwhile, XRP’s Bollinger Bands have tightened on the monthly chart. This tightening typically indicates that a significant price shift is approaching. Charting Guy speculated that if XRP closes over $0.67, it might spark a big rise. On the other hand, a monthly close below $0.43 could result in a significant drop. Investors should keep a close eye on these important levels to see where XRP may go next.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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