Following a recent FOMC meeting, XRP and its altcoin counterparts have staged an impressive recovery, signaling optimism for the future. Analyst Austin Hilton remains steadfastly bullish on XRP Price, undeterred by the ongoing crypto community debates on an impending downtrend. Hilton boldly predicts an explosive growth phase, envisioning XRP surpassing the $4 mark soon.
Buckle Up for 2024!
As we navigate the bullish currents of 2024, marked by events like Bitcoin’s impending halving and the green light for Spot Bitcoin Exchange Traded Funds, XRP, the native token of the XRP Ledger, is set to ascend to a peak of $1.50. The crypto sphere witnessed a monthly high of $0.70 before a brief retreat, and now XRP finds itself on a promising uptrend.
Exploring the technical terrain, despite a 61.8% Fib level retreat to $0.7430, XRP appears steadfast in its journey toward higher highs and lower lows. However, a cautionary note is struck – the altcoin’s bullish assumptions might be at risk if the daily candlestick concludes below $0.6200, signaling a potential shift in trend dynamics.
Also Read: Can XRP and Altcoins Break Free from Bitcoin’s Shadow? Experts Discuss
Two Key XRP Catalysts
Bitcoin’s forthcoming events are slated to catalyze not only XRP but also other altcoins’ price gains in 2024. The strong correlation, standing at 0.89 over thirty days between XRP and Bitcoin, further fuels anticipation. Hilton predicts a significant spike in XRP price following the halving and the approval of Spot Bitcoin ETFs in the first half of 2024, foreseeing a rally to $1.50 and beyond.
Adding to the catalyst mix are updates in the Securities Exchange Commission’s lawsuit against Ripple and the anticipation surrounding the payment remittance firm’s IPO plan. The XRP community is eagerly awaiting a favorable outcome in the SEC v. Ripple lawsuit.
What’s Next for XRP?
XRP showed impressive strength by surpassing Binance Coin (BNB) in market value, hitting around $36.09 billion. At the same time, it’s trading above key EMAs signals a bullish trend. If it breaks $0.6354, it could rise to $0.7047. But if it falls below the 50-day EMA, it might test support at $0.60 and $0.5835. The RSI suggests a potential move towards $0.65 before being overbought.
Also Read: Ripple News : XRP Price Gears Up for 2024 Surge, Aiming for $0.6 Shortly
Plus, Ripple’s CBDC proposal is expected to transform the XRP community’s years of oppression in the US owing to a lack of regulations. The recent success highlights XRP’s ongoing impact, often overlooked compared to bigger players like Bitcoin and Ethereum.
In conclusion, while XRP faces ongoing debates and short-term fluctuations, analysts like Hilton put their focus on substantial growth, urging investors to consider the long-term outlook amidst the fluctuating crypto market.
