Ripple is one of the most talked-about tokens in the cryptocurrency market. XRP is currently experiencing a gradual price uptick. With new revelations being revealed concerning its case with the SEC, the price of XRP is now under strict scrutiny.
The current price scrutiny is compelling notable analysts to make relevant price predictions for XRP. Despite adapting to a slower pace this bull season, XRP may soon hit the $1 road as community sentiments towards the token remain strong and healthy.
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Ripple $1.4 Journey: When Can XRP Breach $1 Mark?
Per Egrag Crypto, a notable cryptocurrency analyst on X, took to X to share XRP’s current candlestick chart. The chart shows the token forming a “double bottom pattern,” signaling bullish trading momentum.
In trading analogy, a double bottom pattern refers to a reversal pattern that is bullish. It occurs at the bottom of a downtrend and portrays that the sellers who were in control of the price until now are losing momentum. This may create pressure on the token to organically adapt to the bullish price pace.
Technical Analysis of Ripple
Ripple’s $1 journey is achievable but is filled with some heavy-weight blockages and price resistance. Per Coinpedia, XRP is currently experiencing price pressure at $0.50. If it continues to leverage the current market’s pace, XRP could break past it, trading into the bullish realm.
“The weekly chart reveals that the recent dip in Ripple’s price tests bullish forces’ resilience at the critical support level of $0.50. If the buyers successfully counter the prevailing selling pressure, Ripple could significantly recover, enhancing the likelihood of a breakout.”
Similarly, Coinpedia suggests that Ripple may soon hit $1.6 by the end of 2024. If the market permits, XRP’s bullish streak may touch the $2.24 mark as the highest possible range for 2024, while its lowest price value may average around the $1.6–$1.9 price range.
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“A pivotal moment will be the breach of the $1 mark; surpassing this level could substantially increase the probability of the price reaching the $2.23 potential high. Conversely, if the bearish trend persists and the price falls below $1.60, it may signal a prolonged breakdown phase.”