With a host of assets performing positively following the important event, Ripple (XRP) has been forecasted to ascend to $1 following the fourth Bitcoin Halving. Indeed, the BTC circulating supply cut took place last week and has set the market up for a potential boom throughout this month.
There is now an expectation that Ripple could be one of the most positively affected. Early Monday, XRP had seen a seven-day increase of more than 7% according to CoinMarketCap. However, it had started the first post-halving week with a 20% trading volume surge as it could be positioned for a breakout.
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Ripple (XRP) Preparing for Post-Halving $1 Rally?
Throughout the last several weeks, all eyes were on Ripple. Many investors had high hopes for the asset’s performance at the start of the year. However, four months into 2024 it had stalled, unable to move above the $0.50 level.
Yet, that appears to be on the verge of changing drastically. Specifically, Ripple (XRP) could be on the road to $1 following the Bitcoin halving event. Since the event took place on April 19th, the asset has been on the upswing.
More so than just its price, XRP has also seen $1.3 million in inflows according to CoinShares. Even more interesting, that development is an outlier to the overall crypto market’s performance. For the second straight week digital asset investment products had seen outflows of more than $200 million.
Also Read: Ripple: CEO Says XRP Is Critical to 3-Year Growth Plan
Whether or not Ripple (XRP) can continue its upswing is dependent on how it reacts to the ongoing $0.53 support level. If it holds, the price could be prepared to skyrocket to $0.7. Thereafter, it would be well on its way to a $1 resurgence in the coming weeks.
Yet, there is the belief that the support levels’ fortification will be impacted by the ongoing US Securities and Exchange Commission (SEC) lawsuit. Ripple is tasked with submitting its response to the SEC’s $2 billion fine request today.
That development should be one of the emirate factors in directing how the asset unfolds in the coming weeks. For XRP, there is some long-term momentum that could be gained from the final week of April. If it can withhold the $0.53 level, May could be a vital month for the asset.
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