Home CryptocurrencyAnalysis XRP set for quick rally, targeting $5 in the near term

XRP set for quick rally, targeting $5 in the near term

by SuperiorInvest

XRP continues to maintain its place as one of the leading cryptocurrency assets in the cryptocurrency market today after witnessing a notable rally that started the day at the price of $0.64, putting it in the spotlight.

Although XRP price is still behind its all-time high of $3.30, some analysis indicates that it could soon begin to rise towards its high. Following the recent surge, several analysts anticipate that XRP will rally further and reach unprecedented levels in the coming months.

Short-term price target set at $5 for XRP

Jake Gagain, a cryptocurrency trader and expert, has made a bold prediction for XRP, signaling that the asset could reach a new peak in this bull cycle. The analyst's forecast delves into the crypto asset's potential to rise before and after the Bitcoin Halving event, which is expected to take place in April.

Gagain states that “XRP is one of the leading crypto assets today.” However, “unlike other notable coins,” the coin reached its all-time high of $3.30 over 6 years ago.

Furthermore, Gagain claims that the token was unable to reach a new peak in the 2021 bull run due to its legal disputes with the United States Securities and Exchange Commission (SEC).

In December 2020, the SEC accused Ripple of raising more than $1.3 billion by selling XRP in an unregistered securities offering, which Gagain believes was the reason the coin lagged in 2021. Another factor considered by Gagain was the huge amount of tokens that “developers were dumping” on a monthly basis.

However, if the company manages to win the lawsuit, Gagain believes that XRP could reach a new all-time high at the climax of the current bull cycle. As a result, the crypto analyst is placing his price target at the $5 threshold after the bull run ends.

According to Jake Gagain, the Bitcoin halving event is about 30 days away and the market is already showing strong momentum. Specifically, the total cryptocurrency market capitalization is $2.5 trillion, indicating an increase of over 4% in the last day after a slow week.

Gagain also touched on some other market-leading crypto assets, predicting massive gains ahead of the halving. These include Bitcoin (BTC) – the largest digital asset, Ethereum (ETH), Solana (SUN)and Cardano (ADA).

$1 target for April in progress

Another crypto analyst optimistic about XRP is Dark Defender, predicting that “a price of 1 dollar is being set for April.” This suggests that the coin could reach this level before it halves.

Dark Defender highlighted that as of February 28, the asset was trading at $0.58. Meanwhile, he expects XRP to settle at “$0.6462 by March 1, between $0.77 and $0.92 on March 13, and $1 in April.”

Given the new peak of $0.75, he believes that the short-term Fibonacci levels will be between $0.9772 and $1.5048, $2.3172. He expects his April targets to play out “if XRP holds the $0.58 orange support level, which performed admirably.”

XRP is trading at $0.6200 on 1D chart | Source: XRUSDT on Tradingview.com

Featured image from iStock, graphic from Tradigview.com

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

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