Ripple News: Top 2 Factors Driving XRP Price Towards $1 shortly

The post Ripple News: Top 2 Factors Driving XRP Price Towards $1 shortly appeared first on Coinpedia Fintech News

After the FOMC meeting, XRP and other altcoins recovered making room for a bullish outlook. Analyst Austin Hilton is bullish about XRP Price’s future, even though the crypto community is still debating the upcoming downtrend. The analyst thinks that XRP is about to experience explosive growth, possibly going above $4 very soon. 

Following the bullish catalysts of 2024, such as the impending halving event of Bitcoin and the approval of Spot Bitcoin Exchange Traded Funds, the native token of XRP Ledger, XRP, is anticipated to surge to a peak of $1.50. The thoughts transpired soon after the coin reached a monthly high of $0.70, XRP experienced a retreat and is now on an uptrend.

Although the 61.8% Fib level of the slide is $0.7430, the altcoin is likely to keep making higher highs and lower lows as it rallies towards that level. Plus, a bullish XRP price assumption could be proven wrong if the daily candlestick closes below $0.6200, which could signal a change in trend. 

Analyst Anticipates Two XRP Catalysts: Will Price React Positively?

Quite evident that Bitcoin events are expected to catalyze XRP and other altcoins price gains in 2024, as the thirty-day correlation between XRP and Bitcoin is 0.89. According to Hilton a massive spike in XRP price awaits following the halving and approval of Spot Bitcoin ETFs in the first half of 2024. He believes XRP price will rally to $1.50 and higher in response to bullish events in Bitcoin. 

On the other hand, other catalysts include updates in the Securities Exchange Commission’s lawsuit against Ripple and the payment remittance firm’s IPO plan. XRP holders are eagerly awaiting a favorable outcome in the SEC v. Ripple lawsuit.

What’s Next for XRP Price? 

XRP showed impressive strength by surpassing Binance Coin (BNB) in market value, hitting around $36.09 billion. At the same time, it’s trading above key EMAs signals a bullish trend. If it breaks $0.6354, it could rise to $0.7047. But if it falls below the 50-day EMA, it might test support at $0.60 and $0.5835. The RSI suggests a potential move towards $0.65 before being overbought.

Plus, Ripple’s CBDC proposal is expected to transform the XRP community’s years of oppression in the US owing to a lack of regulations. The recent success highlights XRP’s ongoing impact, often overlooked compared to bigger players like Bitcoin and Ethereum. In conclusion, while XRP faces ongoing debates and short-term fluctuations, analysts like Hilton put their focus on substantial growth, urging investors to consider the long-term outlook amidst the fluctuating crypto market.