Ripple (XRP) 12% Rally This Week Paves Way for $1.4 Target

On Apr 23, 2024

Over the last seven days, Ripple (XRP) has seen its price surge more than 12% according to CoinMarketCap, paving the way for a $1.4 target price for the asset. Indeed, the asset has seen quite the resurgence since the Bitcoin Halving took place on April 19th, with the price finally breaking out of the $0.50 mark.

Now, some analysts have been seeking to identify where the asset could be headed. One forecast predicts that its recent ascension has XRP poised for an impressive 180% climb in the near term. A host of questions must first be answered, but its current position above $0.54 has left many optimistic.

Also Read: Ripple (XRP) CEO: ‘I Underpredicted’ $5 Trillion Crypto Market

Ripple (XRP) Preparing 180% Surge?

At the start of 2024, all eyes were on Ripple (XRP) and its performance headed into the year. Its ongoing lawsuit with the US Securities and Exchange Commission (SEC) weighs heavy on its value, however. For the first three months of the year, it had failed to make any headway above the $0.50 mark.

That changed with the arrival of the Bitcoin halving event last week. Subsequently, over the last seven days Ripple (XRP) has been up more than 12%, paving the way for a trip above $1.4 according to one analysis of the asset’s price performance.

EGRAG Crypto has stated that the asset could be preparing for a 180% surge in the price point. A massive reason for the expectation is the asset’s positive performance above the $0.50 support level.

#XRP Color Code 🎨 To $1.4(Update):
Note:
I’ve updated the consolidation zone to a supply zone and the wicking range to a demand and accumulation zone.
Double Bottom Formation:
The double bottom formation is giving us a strong bullish signal, and I’m highly confident that the… https://t.co/zBwbo5sKuA pic.twitter.com/Vi0j4fFtjn
— EGRAG CRYPTO (@egragcrypto) April 23, 2024

Also Read: Ripple Rises 6% As Legal Fray Persists

Over the last week, it has firmly traded in the $0.54 mark. That could be just the beginning, as more than a 43% surge in trading volume denotes increased interest in the asset. However, any rally will have to contend with the ongoing SEC lawsuit.

There is the belief that a conclusion is close. The most recent response saw Ripple propose a $10 million settlement. This is a far cry from the SEC’s proposed $2 billion fine, but it does represent what could be positive negotiations.

The next critical development will be in the SEC’s response to Ripple’s proposal. If it is favorable for an impending settlement, the market should expect XRP to respond in the same. Indeed, the asset could be poised for an impressive May.