As Ripple (XRP) has increased 20% amid the greater market rally this week, could the stage be set for a new all-time high in 2024? Indeed, the asset reached the $0.66 mark Monday after jumping 6% in the last 24 hours according to CoinMarketCap. Could it carry on to reach unprecedented heights by the time the year is through?
The digital asset market has seen Bitcoin BTC lead the way for the first week of March. Specifically, BTC has reached $66,000 for the first time since November 2021. Moreover, the asset has been predicted by many to reach a new all-time high in its own right. Therefore, the market is inquiring just how high the rising tide could lift all other tokens.
Also Read: Ripple (XRP) Up 70% On the Year as $1 Draws Closer
Could Ripple Follow Weekly Climb to New ATH This Year?
Despite heading into the third month of the year, 2024 has already proven to be a vital one for the digital asset market. Indeed, it has seen Bitcoin (BTC) surge more than more than 6% over the last day. Amid the presence of Spot Bitcoin ETFs and their positive performances, those gains have not proven to be solely connected to BTC.
The entire digital asset sector has seen its value increase on the heels of Bitcoin’s performance. Among them is Ripple, with XRP increasing more than 20% this month, all eyes are on whether or not it could ascend to a a new all-time high throughout 2024.
Also Read: Forbes Predicts Ripple (XRP) Price If Bitcoin Reaches $150,000
Over the last 30 days, Ripple has added 25% to its value, and excited many digital asset investors. Moreover, the asset was testing a key support level at $0.62, currently far beyond that. The bullish perception of the market has helped it broach the $0.66 level, with no slowing down in sight.
Still, to reach a new all-time high, XRP would need to surpass the $3.84 level. Subsequently, that feat would require an increase of another 500%. Currently, the asset faces its next critical test at $1, which is forecasted to be tested in the coming months.
XRP Price Prediction
Also Read: Ripple XRP To Rally 54% To $0.91: Predicts Analyst
The technical observations of the XRP token show a bullish perception. with indicator MACD showing a rising green histogram, according to Coinpedia. Therefore, the token is showcasing positive price action that should occur during the coming days.
Although it still has a long way to go before it breaks through an all-time high, there is still a lot of time left in 2024. Entering the third month, the token should continue to benefit from the overall positive sentiment that abounds in the market currently. Additionally, the upcoming Bitcoin halving event should not overlooked.
The main question that Ripple must face is how high it can grow in the eels of Bitcoin’s positivity alone. Alternatively, it will need resolution to its ongoing lawsuits with the US Securities and Exchange Commission (SEC). Indeed, a glass ceiling appears in place with the litigation ongoing. A conclusion could provide further increases, and the next nine months could provide the space for the $3.84 price to be threatened.