Ripple’s XRP token has faced a correction over the last few days, falling 3.5% in the weekly charts and 5.7% in the previous month. However, the asset has gained momentum in the daily charts, rallying 3.2% in 24 hours. Moreover, XRP is up by over 83% since January of this year, which puts it among some of the best-performing cryptocurrencies of 2023.
Also Read: Ripple: When Will XRP Reclaim Its All-Time High of $3.40?
XRP’s surge might not be over just yet, according to crypto analyst EGRAG CRYPTO. The analyst presents two scenarios for the fifth-largest crypto by market cap. The first scenario, dubbed the Blue Route, predicts Ripple’s XRP to surpass the $1.20 level by the end of 2023. The price rise would translate to a growth of about 90% from current levels.
EGRAG CRYPTO further says that the token could face a correction after hitting $1.20 but might rally to a new all-time high of $5.50 by the end of 2024. Reaching $5.50 would mean a growth of about 780% from current levels.
Is there a bearish outlook for Ripple’s XRP?
EGRAG CRYPTO also provides a bearish outlook for XRP, dubbed the Green Route. According to the Green Route, XRP could drop to around $0.50 by Christmas 2023. The fall in price would translate to a drop of about 20% from current levels. However, if XRP’s price falls to $0.50 by this Christmas, it could surge to $22.50 by July 2024. Reaching $22.50 would lead to a growth of around 3497% from current price levels.
Also Read: Ripple: How Much to Invest to Be a Millionaire if XRP Hits $5?
Therefore, in both scenarios, XRP could see a massive surge in its price. However, there is still a question about Ripple’s legal battle with the US SEC (Securities and Exchange Commission), which could impact XRP’s price. If the court rules in favor of Ripple, the token’s price will likely surge. However, a ruling against the fintech company could cause the token’s price to plummet.