Analysts see XRP as set for a breakout. $1.68 mid-term XRP is expected to reach $1.68 in the medium term, or maximum, by the end of this year, 2024. That would pave the way for a retest of the previous high of $1.96, reached in April 2021. This occurs as the cryptocurrency struggles to negotiate its way out of the ongoing symmetrical triangle formation. Additionally, the negative MVRV ratio implies that the coin is now undervalued.
The price of XRP is currently 0.5253, down 2.54% in the last 24 hours. However, it has increased by 4.30% in the last 7 days—values accurate at the time of writing this essay. Analysts believe a move to $1.68 is imminent; however, they must first obtain $0.98 as support.
The token’s highs continue to be lower, with no noteworthy peak. The most of attention is directed toward XRP’s weekly movement. XRP has been probing the bottom trendline of the 3-year symmetrical triangle. A dip happened between April 11 and April 13, 2024. A level of $0.4188, last seen in May 2023, signified the end of the sequential drop, indicating a negative trend. Analysts, on the other hand, foresee a fresh start as the cryptocurrency market rebounds from its bear market.
An upsurge is on the horizon, with XRP predicted to reach more than $2 by the end of the year. Alternatively, it may find some support at $1.98. Regardless of the milestone, any rise more than $1 will pave the way for a further climb to $2, resulting in respectable returns. In the medium term, volatility can still affect any high or low on the chart.
The MVRVR ratio was last recorded at -0.5733%. This shows that the current trend merely undervalues XRP. During the Ripple vs. SEC lawsuit, Judge Analisa Torres decided that XRP was not a security, causing a surprise spike. The price rose to $0.93 in July of last year. So, growth is on the horizon, and the question is how long it will take for XRP to begin its upward trajectory.
An early goal for XRP is to emerge from the symmetrical triangle formation. It will then reach the $0.93 milestone, paving the way for a top of $1.96.
Meanwhile, ETH and BTC are striving to achieve a major breakthrough. It was believed that Bitcoin halving would cause a wave. Instead, it has led to increased uncertainty and instability. Nonetheless, the rise is not ruled out, but it will most likely be delayed.
