TL;DR
- XRP is catching up with the cryptocurrency market’s upward trend, marking a 13% increase in a week, with expectations of a significant rally around the Bitcoin halving.
- The Ripple vs. SEC trial is another key event that could influence XRP’s price and the broader crypto regulatory environment.
The revival of the cryptocurrency market has been more than evident for weeks, with some leading digital assets, such as Bitcoin (BTC), reaching new all-time high prices.
Initially, Ripple’s XRP was reluctant to follow the green wave, but it has recently started catching up with the trends. The asset’s valuation has soared by 13% on a seven-day scale, currently hovering around the $0.70 mark (per CoinGecko’s data).
Some analysts are confident that the recent resurgence can be the beginning of a major rally that could lead to a new ATH for XRP. The X user LEB CRYPTO is among those supporting that assumption.
The technical analyst thinks the token’s peak might occur before or right after the Bitcoin halving, which is scheduled to take place at the end of next month.
“This scenario is consistent with BTC printing euphoric price action above $100k going into the halving, printing a blowoff top and a significant ath within this bull market. Alts like XRP, XLM, etc can then shine for a few weeks,” LEB CRYPTO suggested.
One person who partially agreed with the prediction is the pro-Ripple lawyer Bill Morgan. He thinks XRP might spike to around $2 in April or May, but it is too early to envision a new ATH.
The upcoming halving is not the only factor that could propel a rally for the asset. The trial between Ripple and the SEC (slated for April 23) is another element worth mentioning.
Many believe a decisive Ripple victory could positively impact the entire cryptocurrency market. On the contrary, the opposite scenario might lead to implementing stringent rules and hamper the sector’s advancement. Ripple seems to have the upper hand, securing three vital (yet partial) court wins last year.
Those willing to explore additional elements which hint that 2024 would be beneficial for XRP feel free to take a look at our dedicated video below:
The post Here’s When the Ripple (XRP) Bull Run Might Lead to a New ATH: Analysts appeared first on CryptoPotato.
