Analyst Predicts 90% Rally for Ripple’s XRP to Reach $1.20

• Year 2023: A Period of Notable Growth for Ripple's XRP
• XRP's Potential to Surpass Its All-Time High
• Possibility of a Price Correction for Ripple's XRP Token
• SEC Lawsuit Verdict: A Significant Driver for XRP's Price
• Anticipated Bull Run in the Crypto Market in 2024

Year 2023: A Period of Notable Growth for Ripple's XRP

The year 2023 has witnessed remarkable growth for Ripple's XRP$0.620 -1.68% token, with an 87% rally noted since January. Although this growth rate might appear minimal when compared to the impressive over 1000% growth of Solana$104 5.03%'s (SOL) and Bitcoin$42,260 -0.64%'s (BTC) close to 160% growth within the same period, XRP's adoption and price continue to surge. Further, Ripple's XRP might be preparing for another significant rally.

XRP's Potential to Surpass Its All-Time High

Crypto analyst Egrag Crypto suggests that XRP could reach $1.2 within a maximum period of 55 days. The analyst highlights that despite Ripple's partial victory in its lawsuit against the US SEC (Securities and Exchange Commission), XRP failed to breach the $0.9399 resistance level, which previously halted the token from exceeding the $1 mark. With Egrag Crypto's estimates, Ripple's XRP could rally to a peak of $1.2 by early 2024, which equates to growth of approximately 90% from its current value.

Possibility of a Price Correction for Ripple's XRP Token

Egrag Crypto indicates that XRP's price could drop to approximately $0.55 or $0.50. Nevertheless, the analyst asserts that such a dip would catalyze the rally towards the $1.2 mark, implying a decline of roughly 20% from its current value.

SEC Lawsuit Verdict: A Significant Driver for XRP's Price

One of the substantial factors that could influence XRP's price is a favorable outcome in the SEC vs. Ripple lawsuit which has currently reached the US high court. The lawsuit, initiated by the US SEC in 2020, accused the fintech firm of breaching securities laws. However, a district court concluded that the sale of XRP to retail customers did not contravene these laws.

Anticipated Bull Run in the Crypto Market in 2024

There is a chance that the crypto market will experience a bull run in 2024, possibly driven by the high likelihood of a spot Bitcoin (BTC) ETF (Exchange Traded Fund) approval and BTC's halving event scheduled for April.

Edited by Jonathan Stoker