Ripple's Dip to $0.40: A Stepping Stone to $2 XRP Recovery?

Jonathan Stoker Feb 01, 2024, 22:50pm 45 views

Ripple's Dip to $0.40: A Stepping Stone to $2 XRP Recovery?

Market Downturn Might Spark XRP's Price Recovery

The digital asset market has not had a particularly fruitful year. However, there is a glimmer of hope. A forecast from industry analyst EGRAG posits that Ripple (XRPXRP$0.620 -1.68%) dipping to $0.40 could act as a catalyst for a price resurgence up to $2. This projection is set against a backdrop of tumult for XRP, characterized by a volatile start to 2024 and a recent security breach involving Ripple's co-founder Chris Larsen. Regardless, expectations of a significant upswing for the token remain.

How Far Must XRP Fall Before a Stellar Rebound?

The closing days of 2023 were filled with optimism for the digital asset sector. Potential approval for a range of Spot BitcoinBitcoin$42,260 -0.64% ETFs had investors excited, with Ripple featuring prominently among the most eagerly-awaited assets. However, one month into 2024, these hopes are yet to materialize.

Nonetheless, anticipations are rife concerning what a Ripple recovery could entail. EGRAG, a reputed analyst, suggests that Ripple (XRP) might need to dip further down to $0.40 before staging a comeback to the $2 mark. Such a dramatic turnaround would indeed be one of the most remarkable in market history.

XRP's Potential for a Massive Surge

In a recent analysis, EGRAG discussed the possibility of his earlier 5-wave prediction leading to XRP hitting a considerable short-term target. He argued that adjustments to the forecast could result in a short-term target range of $2.20 to $2.80 for Ripple's token.

Current State of Ripple (XRP)

Ripple is currently in recovery mode after falling below the $0.49 mark. As of now, the digital asset is trading at $0.506, a dip of more than 1% within the past 24 hours, according to CoinMarketCap. Despite this drop, market watchers are speculating whether the $0.50 level could either trigger a further decline or kickstart a much-needed upward price correction for XRP.

Edited by Jonathan Stoker

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