Top Reasons Why XRP Price Might Recover
Once again, the XRP price has surged from its average value continuing for years. But many fear it of a minor push before the price falls to the average price, whereas many analysts believe it is the start of a Bull Run. XRP has been struggling for years, losing all of its gains. During all these years, XRP has made various attempts to break the resistance and surge to a high peak but failed.
In this blog, let us discuss whether the XRP price might recover or not.
XRP Price Analysis
XRP price has surged by 4% from yesterday and is currently trading at $0.6301 with a market cap of $34,670,435,874. Its trading volume has also seen a surge where the value has risen by 55%, pushing the value to $2,452,337,304.
This is not the best performance of XRP because, in March, the price surged to a high of $0.718. However, the current gains have also made a significant impact for investors.
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XRP has failed to achieve its all-time high value of $3.84, which happened around six years ago. It questions the current hike of the XRP as to whether it will succeed this time.
Top Reasons Why XRP Price Might Recover
After the SEC vs Ripple fight, the XRP moved barely before turning bullish a few days ago. Based on these bullish indicators, the XRP price might grow more over the next few days.
XRP Bullish Indicators
XRP entered April with an uptrend and has continued to move higher. Along with this, the Relative Strength Indicator is above 50, indicating the continuity of the upward trend. A similar trend was also seen in March, but the stimulus wasn’t enough for the price to recover.
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The Ripple token has not been able to cross the resistance level of $0.65 for months. If it succeeds this time, the chances are higher for XRP to jump to $1.
A crypto analyst, Dark Defender had predicted XRP to cross the $5.85 mark after analyzing the XRP’s sideways pattern. After this analysis, he called April a life price-changing month, breaking the potential resistance to target the $1 followed by $1.88 and $5.85.
Hey there. XRP is ready for the monthly break, which is imminent when you check the monthly time frame below.
I hear the ones; #XRP only goes sideways between $0.49, $0.58, and $0.67, right?
Yeah yeah, I think starting this Month, April, a lot of melting faces will be around.… pic.twitter.com/kqlhDEqpGy
— Dark Defender (@DefendDark) April 8, 2024
Upcoming Bitcoin Halving
A bull run is supposed to follow the Bitcoin halving event, where XRP can significantly surge over the days. The experts have anticipated an 80% surge once the halving events are over. The 80% surge will push the XRP price beyond the all-time high record due to the increased liquidity and bullish market sentiments.
Conclusion
Though the indications are not too strong for a full bullish push for the XRP price, the upcoming bull run will play a definite role in pushing the XRP price closer to its ATH value. The XRP community has waited for a year for this comeback even when a few questioned the existence of the crypto. It has to see how the next few days will shift the future of this Ripple token.
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