XRP Price: Is Ripple Inching Towards A 20% Breakout This Week?

Juhi Mirza
Source – Analytics Insight

After breaking ground in Japan, XRP has once again attracted significant attention. The token is now waiting to strike bullish momentum, with its price now projecting a stable price threshold. The token is up 2%, trading at $0.51, in the last 24 hours, with predictions of it rising beyond $0.75 this month.

The cryptocurrency analysts on X (formerly Twitter) have been long forecasting positive price predictions for XRP. Despite the token’s battered price trajectory, analysts are hoping XRP will soon adapt to the growing market frenzy and may soon break into a bullish trend.

XRP: A Massive Breakout Due This Week?

Ripple (XRP)
Source: Watcher.Guru

Per Documenting Ripple, XRP is currently forming a notable ascent pattern in its chart, denoting that a notable price hike may soon be on the cards for Ripple. XRPs historical data has suggested that the dip formation that can be seen on the XRPs chart presently has usually coincided with a noteworthy breakout later.

The following prediction has amplified hopes for crypto enthusiasts who have long been hoping for XRP to break into a bullish trend.

Besides the candlestick chart formation, Ripple’s stellar league of alliances has been proof enough of XRP’s lasting legacy. The organization is leaving no stone unturned to diversify XRP’s use cases and eventually help the token create its own uncontested user base.

Also Read: XRP’s Prophetic Rise Is Due Soon: Will Ripple Hit $1 By May End?

XRP Price Forecast for the Weekend

According to CoinCodex, XRP may note a 20% jump in its price this week and may exchange hands at $0.61 by May 4–5, 2024.

However, by May 9, the token may undergo the usual market correction to fall back and trade at $0.59.

“The XRP price forecast for the next 30 days is a projection based on the positive and negative trends in the past 30 days. Based on these XRP projections, XRP will be changing hands at $0.592749 on May 9, 2024, gaining 15.86% in the process.”

XRP Forecast for May

The month of May seems to be a promising month for XRP, as the token may show signs of stability and a gradual ascent to newer price thresholds. Per CC, XRP may spike by 20% to climb and trade at $0.61 on average by the end of the month.

“According to our current XRP price prediction, the price of XRP is predicted to rise by 20.13% and reach $0.614578 by June 1, 2024. Per our technical indicators, the current sentiment is bearish, while the Fear & Greed Index is showing 43 (fear). XRP recorded 13/30 (43%) green days with 7.91% price volatility over the last 30 days.”

According to Coinpedia, XRP’s stellar league of alliances and partnerships are capable triggers that may catapult its price to $1 by the end of this month.

Source: Coinpedia

Also Read: Settlement Woes Weigh On XRP: Will Ripple Hit $1 Sooner Than Later?

“With the sideways volatile shift growing in the XRP price chart, the sellers are dominating the short-term trend. Nevertheless, a reversal rally in the event of a market recovery could shape a triangle breakout for Ripple. In such a case, the XRP price can reach $1 this month.”