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Throughout the last several weeks, the digital asset market has faced an ongoing correction. However, that changed with the first week of May, as a host of assets were reversed and poised to increase. Moreover, Ripple (XRP) is among them, with its recent 6% surge reigniting hope for $1.4 in 2024.
That nearly 7% increase has taken place over the last seven days, according to CoinMarketCap. Moreover, the cryptocurrency has seen its volume skyrocket by more than 100%, catapulting the assets price above $0.55 and providing much-needed optimism to XRP investors.
Also Read: Ripple: Here’s When XRP Can Reclaim its All-Time High of $3.40
Ripple (XRP) Could be Set to Soar Past $1 in 2024
At the start of the year, Ripple (XRP) was among the most anticipated digital assets. Many had observed a nearing end to its legal conflict with the US Securities and Exchange Commission (SEC). Therefore, the market had hoped that the asset was poised to surge based on its cross-border payment vitality and ongoing popularity.
Just five months into the year, and that has not yet been the case. As a matter of fact, XRP had been struggling to build any momentum alongside the market, maintaining a position around $0.5, and inciting some concern from the community.
However, that appears to be changing with a positive sentiment market-wide. Subsequently, Ripple (XRP) has seen its recent 7% surge over the last week driving hope for the asset to surpass the $1.4 mark in 2024.
Also Read: Here’s How to Be a Millionaire When Ripple (XRP) Hits $1
Crypto analyst EGRAG Crypto took to X (formerly Twitter) to give his forecast regarding the asset. Specifically, he explained the trajectory for XRP to arrive in four stages. This model identifies 300 days in which the price will begin by reaching $0.53 and $0.58 in the initial stage.
Thereafter, XRP would be on pace for $0.63 and $0.70 amid “a sentiment shift.” The third level will “signal the start of a bull run” and see Ripple move between $0.75 and $0.85. Finally, a “psychosocial battlefield” will begin to form for the asset, according to the analyst.
Here, the asset has the potential to reach the $1 mark but will be fighting a myriad of realities. Concern with the market and greed could come into effect and derail its catapulting price. However, standing firm would indicate ascension to the $1.4 mark and potentially above it.
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