This Friday, the Cryptocurrency market experiences a new rally that reignites optimism among investors and enthusiasts. Among the tokens with the greatest momentum is Ripple’s XRP, which is rapidly approaching the $2 per unit mark.
At the time of writing, the price of the popular digital currency is $1.75, data from CoinMarketCap shows. This is equivalent to an explosive performance of +20.73% in the last 24 hours, which caps off +233% in one month. With this, the currency is presented as one of the assets with the best rate of return, especially for investments prior to November.
Analysts seem to have no doubt that the price of the token will reach the $2 barrier soon. Regarding the next step, reaching its previous ATH before the end of the year, some doubts do arise. This is because the token’s all-time high is no less than $3.92 per token and dates back to February 2018.
In any case, setting a new ATH by Ripple (XRP) seems like a sure thing now that it is approaching $2. However, the greatest possibilities seem to be for next year. Barring an insane rally in the next 30 days, the coin probably won’t reach $2.5.
XRP price experiences strong momentum this Friday. Source: CoinMarketCap
A look at some facts about Ripple (XRP)
To get an idea of the state of market optimism regarding the price of Ripple (XRP) in the short term, just review some data. Among these, the Fear & Greed Index stands out, which marks 78, which translates into extreme greed among investors. Meanwhile, volatility is over 42%, which is positive considering the upward price trend.
Meanwhile, the CoinCodex market sentiment index reflects that 88% of investors have bullish expectations about this currency. This site applied a total of 32 technical analysis indicators to XRP and 28 of them project green numbers. Despite this, this portal expected a sharp correction of 48.90% of the currency in the next 30 days.
According to CoinCodex forecasts, an XRP ATH will not occur by 2025. However, that does not nullify the fact that there will be a large rally. Thus, by May, the date on which the peak of the bull-run of the entire market is calculated, the price of the Ripple token would reach $2.96. Meanwhile, in the best possible scenario, the May price would reach $3.67.
It is important to keep in mind that these forecasts are based on technical analysis, or historical data. This means that they cannot be considered certain outcomes, since any news or context element could completely alter them.
Disclaimer: This work is for informational purposes only and should under no circumstances be taken as an invitation or investment advice. Cryptocurrencies are highly volatile assets and placing capital in them can lead to total losses.
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