While crypto markets prepare to hit $2 trillion, bull optimism has soared. This means the bulls are slowly strengthening, pushing XRP higher. The last bullish surge broke above the declining barrier after repeated attempts. Thus, the impending rally may turn the token around, but there may be barriers.
Will XRP price springs in February or March be decisive?
In February 2024, XRP has been making waves in the crypto world. Some big wallets suddenly sold off $100 million worth of XRP while vast amounts of money flowed in, reaching up to $1 billion in a single day. Investors are eyeing XRP more closely as Ripple Labs wins battles against the SEC. However, recent developments show the legal fight isn’t over yet.
As of the latest update, XRP has experienced a 2.04% increase in price over the past 24 hours, reaching $0.5718. Its market cap has also risen by 2.02%, maintaining its position as the 6th largest cryptocurrency. With a weekly surge of 8.08%, XRP has navigated a bullish week.
Notably, prominent XRP analyst XRP Whale continues to express bullish sentiments towards the Ripple-backed token, which is evident in recent posts on X today, February 20. Here’s what’s next in XRP price.
Analyst’s Insight on XRP’s $2 target
XRP’s price has been climbing again after a market slump caused by the approval of nine Bitcoin ETFs. Now, experts suggest XRP might be gearing up for a major surge. Looking at the key parameter, the Relative Strength Index (RSI) analysis for the Bitcoin-XRP trading pair shows a potential surge for XRP.
According to Dark Defender, a crypto expert, the current RSI, compared to previous bull runs in 2017 and 2021, indicates similarities and predicts a surge as high as $2.
His analysis is backed by historical figures; for instance, in December 2017, XRP surged from $0.20 to an all-time high of $3.84 in just a month. Similarly, in 2021, it rose from $0.50 to above $1.50 in over a month.
Also Read: Ripple Price Prediction: Will XRP Price Hit $2 in 2024?
Technically, it’s Time to Accumulate
While technical analysis from TradingView shows a more neutral stance, oscillators rating XRP as a “buy” and moving averages as a “sell,” recent performance indicates a potential continuation of its upward trend. XRP has generally increased over the past 52 weeks, with gains of 44.76%. Despite a decline in January, recent movements show signs of recovery, with a 2.78% increase in the last 30 days and 6.67% in the last week.
Also Read: Ripple Price Prediction: Will XRP Price Hit $2 in 2024?
At the time of writing, XRP is valued at $0.56, experiencing a slight decline of 0.10% in the last 24 hours. Despite a 10% drop in trading volume, XRP holders have seen nearly 8% weekly gains, highlighting underlying resilience.
Overall, the crypto market expects surprises as XRP prepares for a major discovery phase in its legal battle with the SEC.
