Ripple: XRP’s Recent Slide May Have Created a Path to $1
Despite Ripple’s recent correction that has led to a decline in recent weeks, XRP’s slide may have the crypto targeting a surge to $1. The asset was poised to have a massive second half of the year following its settlement with the US Securities and Exchange Commission (SEC). Despite that, the token has faced a recent tumble.
The last seven days have seen XRP fall more than 3.3%, according to CoinMarketCap. Moreover, it is down 4.6% in the last month, and currently trading at $0.56. There are some crypto analysts who believe this could be for the better, as the token is set for a massive bounceback.
Also Read: Ripple XRP To Surge By Over 11,000%, Analyst Predicts
XRP to $1? Ripple Could Be Set for Unprecedented Surge
Ripple had immense potential entering 2024. Indeed, it was one of the most promising cryptos available. With its years-long SEC lawsuits heading toward an end, the regulatory clarity was bound to push XRP to new heights. Although, at the year’s midpoint, that has yet to take place.
It did find an improved price after the settlement, but the August 5th flash crash only dampened its performance. That could have been for the best. Indeed, Ripple may have found a pathway to a $1 XRP through its most recent struggles.
One pseudonymous crypto analyst named Hov took to X (formerly Twitter) to discuss the asset’s potential. The post shows two horizontal resistance zones affecting the asset between $0.64 and $0.66. A breakthrough there is critical. But it is not the only option for bullish sentiment to form.
Also Read: Ripple XRP Weekend Price Prediction: Mid-August 2024
There is a grey support area for XRP between $0.50 and $0.52, which is critical for the asset to begin its upward journey. Altogether, if the asset can reverse from its current place, there is a present five-wave structure that could see it reach heights of $1.
The current upside for ripple is around the $0.77 mark. That bullish sentiment is showcased by Fibonacci extension levels. However, there is a bearish downside. The asset is at risk of falling to lows of around $0.42, which would be detrimental to its $1 prospects.