Ripple XRP Weekly Price Prediction: Can It Reclaim $0.75?

The cryptocurrency market experienced a significant correction over the last weekend. Bitcoin (BTC) briefly slipped below $58,000, and the global market cap fell 1.9% in the previous 24 hours to $2.13 trillion.

Ripple’s XRP token follows the current market trend, dipping 1.4% in the daily charts, 7.5% in the weekly charts, 4.1% in the 14-day charts, and 3.6% over the last month. This price prediction article will explore why the market is in a slump and how high Ripple’s XRP token can go this week.

Also Read: Top 3 Cryptocurrencies To Watch This Week

Why Is The Crypto Market Down?

Flow Of Funds To Stablecoins

There has been a significant flow of funds from traditional cryptocurrencies to stablecoins. This movement signals investors’ low confidence in a market rally, and investors may be anticipating a further drop in prices. Ripple’s XRP token is a likely victim of this lack of confidence.

Also Read: Bitcoin’s September Slump: Will It Bounce Back?

Impact Of US Jobs Data

Market participants are also eyeing the US jobs data due this week. The figures could further explain the Federal Reserve’s stance on interest rate cuts this month. The Fed has said that it intends to cut rates starting in September, and the jobs data figures could give additional confidence to investors.

XRP Weekly Price Prediction

CoinCodex Analysis

According to the analysts at CoinCodex, Ripple’s XRP token could surge to $0.74 on Sept. 6, 2024. Hitting $0.74 from current levels would translate to a rally of about 34.55%. The platform does not anticipate XRP’s price to hold above $0.70, predicting a correction back to below $0.60 by the end of the month.

Changelly Analysis

Changelly researchers also anticipate a similar outcome for Ripple’s XRP token in September. The platform predicts the asset will hit $0.75 on Sept. 5, 2024.