Optimism has soared as the cryptocurrency market prepares to hit $2 trillion. This means that the bulls will slowly strengthen, pushing XRP higher. The last bullish surge broke the downside barrier after repeated attempts. So, while an impending rally could flip the token, there may be barriers.
Will the XRP price spring in February or March be decisive?
In February 2024, XRP is making waves in the cryptocurrency world. Some large wallets suddenly sold $100 million worth of XRP, resulting in a huge influx of funds, reaching up to $1 billion in a single day. Investors are watching XRP more closely as Ripple Labs wins its battle with the SEC. But recent developments show the legal battle is not over yet.
As of the latest update, XRP has risen 2.04% in price over the past 24 hours to reach $0.5718. The market capitalization also increased by 2.02%, maintaining the 6th place in cryptocurrency. XRP was strong with a weekly surge of 8.08%. Notably, prominent XRP analyst XRP Whale continues to express bullish sentiments about the Ripple-backed token recently. post Today, February 20th at X. Here’s what’s next for XRP price:
Analyst Insights on XRP’s $2 Target
The price of XRP is rising again after the market downturn caused by the approval of nine Bitcoin ETFs. Now, experts suggest that XRP may be gearing up for a major surge. Looking at key parameters, the Relative Strength Index (RSI) analysis for the Bitcoin-XRP trading pair shows a potential surge for XRP. According to cryptocurrency expert Dark Defender, the current RSI shows similarities compared to previous bull markets in 2017 and 2021, predicting a surge of up to $2.
His analysis is supported by historical figures. For example, in December 2017, XRP surged from $0.20 to an all-time high of $3.84 in just one month. Likewise, in 2021, it rose from $0.50 to over $1.50 in just over a month.
Technically, it’s time to accumulate.
TradingView’s technical analysis shows a more neutral stance, with oscillators rating XRP a “Buy” and moving averages a “Sell,” but recent performance suggests the upward trend is likely to continue. XRP has generally gained 44.76% over the past 52 weeks. Despite the January decline, recent movements have shown a recovery, with the stock up 2.78% over the past 30 days and up 6.67% over the past week.
At the time of writing, the value of XRP is $0.56, having experienced a slight decline of 0.10% in the last 24 hours. Despite a 10% drop in trading volume, XRP holders saw weekly gains of nearly 8%, highlighting the underlying resilience.
The cryptocurrency market as a whole is expecting a surprise as XRP prepares for a major discovery phase in its legal battle with the SEC.