Ripple's XRP: Potential $1.40 Surge with a Twist

Jonathan Stoker Feb 03, 2024, 05:45am 325 views

Ripple's XRP: Potential $1.40 Surge with a Twist

XRP Notches Biggest Single-Day Gain in Over Two Weeks

On Friday, XRPXRP$0.620 -1.68% experienced its most significant one-day increase in more than a fortnight, rising by almost 3% following sharp declines resulting from news of a breach in Ripple co-founder Chris Larsen's digital wallet. Despite the recovery, leading market analyst XRP_SHARK anticipates further reductions before the cryptocurrency can initiate its next bull run towards $1.40.

XRP Likely to See More Downs Before Ups

As per the forecast of XRP_SHARK, $XRP is expected to first fall to around $0.45-$0.47, then rise to between $0.53-$0.57, followed by a decline to roughly $0.35-$0.40. According to the analyst's predictions, once these levels are reached, XRP could be poised for a significant upward movement. At the time of press, XRP was trading at approximately $0.5048, a recovery from 24-hour lows of under $0.49.

Ripple's Corporate Accounts Remain Secure

Ripple has confirmed that its corporate accounts remain unaffected, despite the incident intensifying sell-offs as XRP fell to multi-month lows.

Potential Uptick for XRP

As the shock from the incident starts to fade, analysts like XRP_SHARK continue to be optimistic about XRP's long-term path. However, the analyst warns that prices may need to bottom out before XRP can gear up for its next rally. XRP_SHARK posits $0.45 and $0.47 as possible support levels where XRP could stabilize and start to climb. The analyst then predicts resistance between $0.53 to $0.57, followed by a major correction that could pull prices down to between $0.35 to $0.40.

Price Predictions for XRP

In XRP_SHARK's perspective, a panic-induced sell-off towards $0.35 would indicate the peak fear necessary to establish solid support for XRP's next bull cycle, aimed at $1.40. However, numerous factors will determine whether such a dramatic upside prediction comes to fruition. Ripple continues to enhance XRP's utility through major partnerships, and legal certainty could be achieved if the SEC case concludes without finding any securities law breaches.

Analysts Forecast Higher Highs Over Long Term

Although bears currently hold the advantage, analysts expect both price movements and fundamentals to lead to higher peaks over more extended periods once the market bottoms out. Nevertheless, if XRP_SHARK's analysis turns out to be correct, the path ahead could be uneven in the short term.

Edited by Jonathan Stoker

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