With the asset struggling in recent weeks, Ripple is currently looking to rebound, with XRP eyeing the $0.65 level as a plethora of experts predict massive gains for 2024. The crypto has failed to capitalize on the hype from its recent settlement with the US Securities and Exchange Commission (SEC). Yet, that could be set to change.
Currently, the token is up more than 7% in the last month, according to CoinMarketCap. Yet, it is down almost 8% in the last week, currently trading above $0.57. All eyes are on how it closes the week, with the middle of August poised to bring about increased selling pressure to the asset.
Also Read: Myth or Reality: Can Ripple (XRP) Really Hit $30?
XRP to $0.65? Experts Expect Far More From Ripple This Year
Heading into the year, Ripple had massive potential. With its years-long court battle with the SEC set to end, traders were banking on a post-settlement rally. Well, that conclusion has come, and no rally has followed. With some concern, is a surge still in store?
Ripple is currently set to target $0.65, as experts have expressed high hopes for XRP in 2024. On the current hourly chart, the crypto looks to be caught between a $0.56 support and $0.57 resistance.
That has taken place as a sideways trend has taken hold. Thursday looks to have buyers and sellers jockeying for dominance. Yet, neither has gotten the upper hand. The $0.56 level looks to be the most important. If the price reaches that level, it could be a sign of an impending breakout.
Also Read: Ripple & Japan Partnership: A Game-Changer for XRP
The $0.6 level looks to be an immediate focal point. Indeed, a breakout from its current mark would indicate $0.65 as the next clear target. However, some experts believe that is just the beginning. Among them is YouTube crypto analyst Common Sense Crypto.
In a recent video, he discussed the potential Ripple IPO and recent stablecoin launch. Specifically, he said the asset could target $1 by the end of the summer. Even more bullish, he expected the price to reach $8 by the end of the year.
Although that is quite optimistic, it points to a bullish stance many have taken. Only time will tell, but a breakout is certainly highly probable from its current state. The question is, how high can it surge if it conquers $0.65 by the end of the week.
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