Despite the asset’s lack of momentum in recent weeks, Ripple has been projected to surge by a remarkable 500%, with XRP surpassing the $2 mark. The forecast is certainly optimistic considering the asset’s current state, but there is no denying that the token maintains immense potential for further gains this year.
Over the last several months, XRP has failed to break free from the $0.5 level. The mark has been challenged today, with Ripple up more than 1.6% and trading at $0.52, according to CoinMarketCap. Subsequently, all eyes are on where the asset could go as we approach the midpoint of this year.
Also Read: Ripple XRP Weekly Price Prediction: Early June 2024
Ripple XRP to Hit $2 This Summer?
Since the start of 2024, the digital asset market has had high hopes for Ripple. Its ongoing legal battle with the US Securities and Exchange Commission (SEC) was close to its conclusion, and market sentiment was immensely positive. However, as of June, that potential has yet to manifest in gains.
All hope is not lost, however, as Ripple has been predicted to surge 500%, as one analyst expects a $2 price for XRP. Indeed, CryptoInsightUK has recently predicted the asset to surge to the $2.5 level in a recent post to X (formerly Twitter).
Specifically, the analyst noted that the price of XRP against Bitcoin is in the midst of a reversal. Subsequently, historical data shows a pattern of notable price increases following these reserves. In two previous examples, XRP increased 5,251% and 498% against BTC.
Also Read: Ripple: How High Can XRP Go if Bitcoin Hits $155,000?
That kind of optimistic perspective is not unique to that analyst. Indeed, EGRAG Crypto has recently expressed similar expectations. Although they did not predict a break through the $2 mark, they did note a target range between $1.20 and $1.50.
Conversely, the last 24 hours have seen Ripple (XRP) perform fairly well. As far as technical indicators are concerned, its volume has skyrocketed. Over the last day, it has increased by more than 55%. That increased activity should be a positive sign for the asset heading into June.
Yet, there is still more data required before $2 becomes a key target for the asset. It must first display the ability to confidently price out above $0.50. To this point, it has failed to do so and has shown a hesitancy to build any meaningful momentum.