Ripple’s XRP token has had quite a year in 2023. Since January, XRP’s price has rallied by about 87%. Although the growth is small compared to others, such as Solana’s (SOL) over 1000% growth and Bitcoin’s (BTC) nearly 160% growth in the same time frame, XRP continues to see an increase in adoption and price. Moreover, Ripple XRP might just be gearing up for another big rally.
Also Read: Ripple XRP Forecasted To Surpass its ATH of $3.40, Here is When
According to crypto analyst Egrag Crypto, XRP could hit $1.2 in a maximum of 55 days. The analyst points out that XRP did not breach the $0.9399 resistance after Ripple’s partial victory in its lawsuit against the US SEC (Securities and Exchange Commission). This resistance level kept the token from breaching the $1 mark earlier this year.
According to Egrag Crypto’s estimates, Ripple XRP could rally to a high of $1.2 in early 2024. Reaching a price of $1.2 would translate to a growth of about 90% from current levels.
Could Ripple’s XRP token face a correction?
Egrag Crypto notes that XRP could drop to around $0.55 or $0.50. However, the analyst says that the dip in price would fuel the rally to the $1.2 mark. Dropping to $0.50 is a fall of about 20% from current levels.
Also Read: Ripple: Here’s Why XRP Could Hit an All-Time High in 2024
However, one of the biggest drivers for XRP’s price will be a favorable verdict in the SEC vs. Ripple lawsuit, which has now entered the US high court. The US SEC (Securities and Exchange Commission) sued the fintech company in 2020 for the alleged breach of securities laws. However, a district court ruled that selling XRP to retail customers did not breach securities laws.
Furthermore, there is a probability that the crypto market will enter a bull run in 2024, fuelled by the high chance of a spot Bitcoin (BTC) ETF (Exchange Traded Fund) approval and BTC’s halving event in April.