XRP Price on the Horizon: Analysts Predict Surge to $1.20 Amid Market Volatility

The post XRP Price on the Horizon: Analysts Predict Surge to $1.20 Amid Market Volatility appeared first on Coinpedia Fintech News

XRP, like many cryptocurrencies, is struggling with price fluctuations. While it has seen a modest recovery in the last 24 hours, it remains down in weekly, fortnightly, and monthly charts, reflecting ongoing volatility in the market. Despite this, traders’ renewed optimism is driven by a bullish prediction from a respected crypto analyst. XRP’s price stays over $0.5 despite legal issues and a major lawsuit. This bullish trend could push the coin to $0.55. XRP can breach $0.9 and hit $1 with bullish activity. 

#XRP Fake Out or No Fake Out?

Seems like a potential fakeout, with the next destination likely between $1.2 and $1.5! #XRPArmy STAY STEADY! #XRP is the real deal and the only digital asset with clear legal & regulatory clarity pic.twitter.com/5rsJwYeXYK

— EGRAG CRYPTO (@egragcrypto) April 19, 2024

Analyst Predicts $1.2 for XRP, Here’s how?

EGRAG Crypto has highlighted significant potential for XRP’s price to surge beyond the $1.2 mark. Their forecast is grounded in an analysis of historical patterns and Fibonacci levels, suggesting that XRP’s current positioning mirrors previous market movements, particularly those observed in 2017 and 2021. 

Drawing parallels with these past trends, the analyst anticipates quick and powerful price pumps for XRP shortly, with potential price targets identified at Fibonacci levels such as $1.272, $1.414, and $1.618.

This bullish outlook has ignited discussions and speculation within the crypto community, with many traders eagerly awaiting the potential for a significant rally in XRP’s price. Interestingly, XRP futures and options open interests are climbing post-Bitcoin halving. In the last 24 hours, XRP futures OI surged by 4%, with a 3% increase in the recent hours, indicating a potential reversal to $0.60. Although the rise is modest, a significant surge is anticipated post-filing the redacted version of the Ripple vs SEC case on April 24th. 

Current Market Snapshot

XRP is the seventh-largest cryptocurrency with a market cap of around $27.78 billion. Its trading volume jumped by 22.72% to over $2 billion, showing growing interest from investors. Currently trading at about $0.5143, XRP’s price fluctuates, with traders keeping an eye on any news that could affect its value. With optimism rising, many in the crypto community hope XRP will surpass $1.20 soon.

Are we on the brink of a major breakout?