Despite Ripple’s recent correction that has led to a decline in recent weeks, XRP’s slide may have the crypto targeting a surge to $1. The asset was poised to have a massive second half of the year following its settlement with the US Securities and Exchange Commission (SEC). Despite that, the token has faced a recent tumble.
The last seven days have seen XRP fall more than 3.3%, according to CoinMarketCap. Moreover, it is down 4.6% in the last month, and currently trading at $0.56. There are some crypto analysts who believe this could be for the better, as the token is set for a massive bounceback.
Also Read: Ripple XRP To Surge By Over 11,000%, Analyst Predicts
XRP to $1? Ripple Could Be Set for Unprecedented Surge
Ripple had immense potential entering 2024. Indeed, it was one of the most promising cryptos available. With its years-long SEC lawsuits heading toward an end, the regulatory clarity was bound to push XRP to new heights. Although, at the year’s midpoint, that has yet to take place.
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It did find an improved price after the settlement, but the August 5th flash crash only dampened its performance. That could have been for the best. Indeed, Ripple may have found a pathway to a $1 XRP through its most recent struggles.
One pseudonymous crypto analyst named Hov took to X (formerly Twitter) to discuss the asset’s potential. The post shows two horizontal resistance zones affecting the asset between $0.64 and $0.66. A breakthrough there is critical. But it is not the only option for bullish sentiment to form.
Also Read: Ripple XRP Weekend Price Prediction: Mid-August 2024
There is a grey support area for XRP between $0.50 and $0.52, which is critical for the asset to begin its upward journey. Altogether, if the asset can reverse from its current place, there is a present five-wave structure that could see it reach heights of $1.
The current upside for ripple is around the $0.77 mark. That bullish sentiment is showcased by Fibonacci extension levels. However, there is a bearish downside. The asset is at risk of falling to lows of around $0.42, which would be detrimental to its $1 prospects.
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