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Ripple (XRP) has posted notable gains today, March 25, 2024, reaching $0.63. These positive strides coincide with the ongoing market-wide recovery, with most assets recording significant gains.
But how far can XRP go, can it sustain the ongoing rally to cover new heights? The following analysis will provide details.
Investors Could See Rising XRP Prices
Several cryptocurrency analysts think XRP is just getting started on a major bull run that could drive its price to multi-year highs soon. Popular crypto pundit Dark Defender believes XRP could hit $1 in April after breaking through key resistance levels.
Hi there, here is your 1 Day Time Frame Update. #XRP was $0.58 on 28 Feb.
We expected XRP to hit:
1. $0.6462 on 1-Mar ✅
2. $0.77-$0.92 on 13-Mar ✅($0.75)
3. $1 in April, in progressBased on the new high of $0.75, the targets are updated as follows:
Fibonacci Levels:… pic.twitter.com/35ks68rLFq
— Dark Defender (@DefendDark) March 20, 2024
The analyst noted that since XRP has successfully tested the $0.6462 and $0.075, its short-term targets are $0.09772, $1.5048, and $2.3173. Darkdefender expects XRP to hit the $1 benchmark in April, and according to his analysis, XRP’s recent strides show the asset is already gearing up to test the touted price level.
He noted that the $0.58 region will act as support as XRP proceeds to $1, which he expects to happen in April.
This prediction aligns with another influential analyst, the EGRAG CRYPTO forecast, which suggests that XRP will reach $1.40 next month.
Whales Making Big Moves – How will Retail Traders React?
March 2024 has been quite a wild ride for XRP. While other coins like BNB, Solana (SOL), and Avalanche (AVAX) posted notable strides, XRP struggled to keep up. As a result, XRP slipped off its position as 5th largest crypto by market cap, outpaced by Solana (SOL).
Large investors, or whales as they are called, saw this as an opportunity to pile up Ripple (XRP). According to data from Santiment, as of February 24, these whales had about 43.46 billion XRP coins.
But as of March 2024, that number has surprisingly shot up to 44.14 billion, meaning the whales have acquired 680 million XRP coins from February 24 – March 24. Based on current XRP prices around $0.63, the whales spent $428 million in just 30 days.
Now the question remains: what does this mean for the price of XRP and retail investors?
This considerable buying spree suggests the whales are seriously betting on XRP’s future price. Seeing these big investors making moves could excite regular investors, too, which could lead to increased demand for XRP, potentially pushing up its price.
In addition, the technical indicators below signal bullish for XRP.
XRP Price Analysis: Bullish Momentum Build-Up – $0.74 Next Target
XRP is bullish today, following prominent analysts’ overall positive market sentiment and optimistic predictions.
But let’s rewind, Ripple (XRP) was on a rough patch not long ago. It nosedived from $0.74 to $0.58 between March 11 and March 20. That’s more than a 20% price drop in less than two weeks.
However, since the start of this week, there seems to be a shift in momentum for XRP, as shown in the chart above. The MACD red histogram bars are fading, hinting that the bears are losing momentum, which means more buy trades are taking place.
The SuperTrend indicator also shows a buy signal for XRP today. This reinforces the bullish sentiment brewing. If the bulls keep charging ahead and push the price past $0.74 again, that’s a clear signal that XRP is on a bullish ride.
Should You Buy XRP Now?
XRP’s recent listing on BitMEX and Atlantis Exchange could be among the factors fueling its rally. Moreover, recently, the two sides asked the court to approve the final steps for their arguments. This means they’re getting ready to wrap up the case.
With the trial date for the Ripple/SEC lawsuit set for April 23, anticipation is high within the XRP community. Those expecting Ripple to win the SEC believe its price will see a giant leap when the lawsuit is wrapped up.
So, the big question is: should you jump in and buy XRP now? It might seem like a good idea with all this bullish momentum building up.
Also, based on the factors and price analysis above, XRP can skyrocket to $1 after the Bitcoin halving event in April. But remember, investing in crypto is always a bit of a gamble.
However, while things seem a bit foggy with XRP, this new presale coin, Dogecoin20, which presents a clear roadmap and potential for massive returns, might be worth considering.
XRP Alternative Dogecoin20: Why Now’s the Time to Invest in this Project
With many meme coins flooding the market daily, picking the best is hard. But there’ll always be some that beat the rest, either in project fundaments or utility and Dogecoin20 is among them. Dogecoin20 (DOGE20) recently launched its presale and is making waves for all the right reasons.
Unlike regular meme coins, Dogecoin20 isn’t just a Dogecoin copycat. It’s introducing innovative features to the old Dogecoin concept.
Its appeal is spread rapidly across the crypto space, with the presale already raising more than $9 million within a short time.
Dogecoin20 aims to fix two big problems with the original Dogecoin: utility and energy consumption. It introduced a stake-to-earn feature that allows investors who stake their coins to earn rewards. Plus, it uses less energy than the original Dogecoin, making it eco-friendly.
A significant amount of DOGE20 tokens are set aside for charity. So, not only are you investing, but you’re also part of an initiative for the greater good.
With over $9 million raised, the presale is just a few inches away from its $10 million hard cap, meaning there’s limited time to get in before the window closes. Moreover, with the bitcoin halving in view, Dogecoin20 will probably be one of the projects at the forefront of the bull market, given its strong fundamentals.
You can grab some DOGE20 with either ETH or USDT. Check out the official presale page for the latest developments.