Ripple’s native cryptocurrency XRP hovered around the $0.64 mark on Tuesday and is up nearly 3% in 24 hours. The cryptocurrency spiked close to 20% in the last 30 days delivering decent returns to investors this month. The Bitcoin halving event is coming closer which could make leading altcoins rally and hit new monthly highs.
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For the uninitiated, the Bitcoin halving event is scheduled to take place on April 20, 2024. The development will cut Bitcoin’s supply in half making BTC sustainable and scale up in the charts due to scarcity. On the heels of the Bitcoin halving, Ripple’s XRP is forecasted to rally and reach a new monthly high.
Ripple: XRP Could Reach $0.79, Rise 24%
Leading on-chain metrics and price prediction firm CoinCodex has painted a rosy picture for Ripple’s XRP for this weekend. According to the price prediction, Ripple’s native cryptocurrency XRP has a high chances of hitting $0.798 on March 31, 2024. That’s an uptick and return on investment (ROI) of approximately 24% from its current price of $0.64.
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Therefore, an investment of $1,000 could turn into $1,240 in the next few days if the prediction turns out accurate. This puts XRP on the buy list as all leading indicators like the Daily Simple Moving Average (SMA), Daily Exponential Moving Average (EMA), and Weekly Simple Moving Average (SMA) point toward the ‘strong buy’ target.
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Ripple’s XRP is also looking to breach the $1 mark. If it finds resistance above the $0.80 level, then the bulls could push the cryptocurrency to the $1 price target.
However, the cryptocurrency market is extremely volatile and cuts both ways leading to severe losses to investors. In addition, the days leading up to the Bitcoin halving could make the markets enter a slippery slope. Therefore, it is advised to do thorough research before taking an entry position into Ripple’s XRP currently.