Ripple, a leading centralized fintech company, is dedicated to addressing global payment challenges through its innovative range of products. With its cutting-edge remittance system, efficient payment settlement solutions, and reliable exchange services, Ripple is revolutionizing the financial technology industry.
The XRP is a native cryptocurrency of the Ripple ecosystem that experienced a significant surge, marking its largest single-day advance in over two weeks On Friday. This increase of nearly 3% came after the cryptocurrency faced substantial losses due to reports of Ripple co-founder Chris Larsen’s compromised wallet.
Despite the recent relief rally, XRP_SHARK, an influential market analyst, predicts that there may be further drawdowns before the coin can initiate its next bull run toward the target price of $1.40. This suggests that some potential challenges and obstacles need to be overcome before reaching the desired milestone.
Due to popular demand, here the path I believe we are about to see for $XRP.
— XRP_Shark (@XRP_Shark) February 1, 2024
First down to .45-.47 cents, then bounce to .53-.57 and then down to .35-.40. Once .35-.40 is reached, I believe we are ready for a great move upside ???? pic.twitter.com/izsfiIEU4v
At the time of writing, the XRP Coin is currently trading at around $0.5076 after recovering from its lowest point in the past 24 hours, which was below $0.49.
Ripple has reassured that its corporate accounts are secure, but this incident has intensified the selling pressure, resulting in XRP reaching multi-month lows.
Also Read: XRP (XRP) Price Prediction
XRP: Poised for a Surge in Value
Many crypto analysts maintain a positive outlook on the XRP Coin’s long-term path. However, it is worth noting that prices may need to stabilize further before XRP can embark on its next rally, ensuring a stronger foundation for future growth.
XRP_SHARK is closely watching the price levels of the XRP Coin of $0.45 and $0.47 as potential support zones. If the XRP Coin finds stability and reverses higher from these levels, XRP_SHARK has identified subsequent resistance levels between $0.53 and $0.57. However, if an extended correction occurs, prices could potentially drop as low as $0.35 to $0.40.
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Of course, several factors can impact the realization of such an ambitious upside forecast. Ripple is actively expanding the utility of the XRP Coin by forming partnerships with prominent companies. Furthermore, if the SEC case concludes without any violations of securities law, it could provide a clearer legal framework for Ripple’s operations.
XRP Could Hit $1.40?
As per our expert’s technical and price analysis, the XRP Coin will reach a maximum price level of $2.35, with an average price level of $2.13 by the end of this year. If there is any bearish environment or any negative news around the Ripple project, the value of the XRP Coin can fall to a minimum level of $1.997.
In conclusion, while there are certainly risks involved with any crypto investment, the potential upside of the XRP Coin is undeniable. With its strong technical and price analysis, as well as its utility and potential for mainstream adoption, the XRP Coin could very well reach new heights soon.
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Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.