The digital asset market may have faced a steep correction this week, but a plethora of assets have maintained optimism. Among them is Ripple (XRP) which could have a reversal preparing it for a $3 price after the highly-anticipated Bitcoin Halving event.
The event will see the circulating supply of Bitcoin (BTC) be cut in half. Moreover, it is expected to take place on April 19th. With XRP setting up to reverse from a recent downtrend, it could be placing itself in the perfect position to benefit from the positive market sentiment that that halving will undoubtedly bring.
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Ripple Reversal Placing $3 Post-Halving Price in View?
Throughout the first three weeks of March, the digital asset market has seen massive gains across the board. Bitcoin saw its price reach an all-time high of $73,000 almost halfway into the month, setting the stage for plenty of coins to benefit. However, the last week has seen a price correction alter that trajectory.
Now, there are eyes on how these assets could end the month. One that has immense potential to surge may be Ripple (XRP), which could be preparing a $3 price point after the impending Bitcoin Halving event. Currently, the asset is trading at $0.6288 according to CoinMarketCap.
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Additionally, that price denotes a 1% increase over the last 24 hours. However, over the last month, the assets have increased more than 14%. Altogether, there remains a host of optimism from the market as to how the cryptocurrency could react to ongoing circumstances as April fast approaches.
One trader took to X (formerly Twitter) to share their ambitious price prediction based on ongoing technical indicators. Specifically, Mikybull Crypto identified a pattern price target at $6 for XRP earlier this month. That statement was rooted in its breakout of a multi-year symmetrical triangle.
Although that price is ambitious, a $3 valuation may not be out of the question. That would bring the asset close to its all-time high of $3.84, which it is currently down more than 83% from. That outcome is more realistic considering the massive increases that occurred in March. If those are similar to the ones to take place in April, the market, and XRP, could well be on their way to those highs.