Ripple’s native token XRP traded around $0.56 on Monday and performed well in the charts in August 2024. This month alone, the leading altcoin has surged by nearly 18%, delivering decent profits to investors and aiming at optimistic price predictions.
Its price is now consolidating in the indices, and another leg-up could generate double-digit returns to investors. The latest price estimates for Ripple’s XRP have turned bullish this week, indicating a surge of double digits.
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XRP: Ripple Price Prediction This Week Turns Bullish
Bullish Price Prediction by CoinCodex
Leading on-chain metrics and price prediction firm CoinCodex has painted a bullish price prediction for Ripple’s XRP this week.
According to the price prediction, XRP could climb between $0.63 and $0.74 in the charts this week. The forecast predicts an upside swing of approximately 20% to 35% this week.
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Potential XRP Returns for Investors
The maximum high XRP could trade this week is $0.74, and the minimum low is $0.59. If the leading altcoin spikes 34%, an investment of $1,000 could turn into $1,340 this week.
That’s phenomenal returns for a short period and could make Ripple’s native token the top-performing cryptocurrency this month.
“According to our XRP price prediction, it is forecasted to trade within a price range of $ 0.554343 and $ 0.657163 this week. It will increase by 18.55% and reach $ 0.657163 by August 18, 2024, if it reaches the higher value target,” read the price prediction.
Market Sentiments and Bitcoin Influence
The bullish sentiments come as Bitcoin is recovering from its slump and looking to climb above $60,000.
Bitcoin dipped to the $52,000 level during last week’s crash and is now at the $58,000 mark.
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If BTC catapults above $60,000 this week, it will pull the broader cryptocurrency market up along with it. Therefore, the cryptocurrency market is primed for a good week this time in August, allowing investors to make profits.
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