An object of immense intrigue from the digital asset market this year has been Ripple, and with its recent developments, XRP has recently been projected to hit the $2 mark during a 2024 bull run. Such an ascension would represent a massive increase, as the asset is currently trading at $0.55 according to CoinMarketCap.
However, there is still an abundance of potential regarding where XRP could ascend in the coming months. Subsequently, one crypto analyst predicted that the asset could be nearing impressive heights. Specifically, reaching the $2 level soon. Let’s delve into this prediction and what it could mean.
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Ripple XRP to Surge During Upcoming Bull Run?
Heading into this year, there is no denying how popular Ripple XRP was as an investment option. Indeed, the asset was nearing the end of its year-long lawsuit with the US Securities and Exchange Commission (SEC). Therefore, it was set to entice a new facet of investors who had previously stayed away from the token.
Now, one prediction has identified the token as a prime candidate to surge. Specifically, Ripple (XRP) has been forecasted to reach the $2 level in the upcoming 2024 bull run by analyst Dark Defender. In a post to X (Formerly Twitter), they shared that expectation.
Also Read: Ripple XRP: How To Be a Millionaire If XRP Reaches $5
Moreover, that prediction got even more interesting Monday, when they claimed that the 2024 bull run was upon us. Specifically, they referenced the relative strength index (RS) for the XRP and Bitcoin (BTC) pair. Ultimately, they noted that the weekly time frames matched both the 2017 and 2021 XRP bull run.
Those years were both significant for the asset. Indeed, in 2017, it increased from $0.20 remarkably to its all-time high of $3.84 in January of 2018. Thereafter, 2021 saw an increase from $050 to $1.50 in a little more than one month.
2021 particularly holds a close comparison baseline to this year considering the asset’s starting level. Moreover, a bull run in the short term would only magnify the positive performance that the asset has already experienced. Over the last 52 weeks, XRP has been in the green more than 44% over the time. Additionally, it has grown more than 6% in the last week alone.