Will XRP Break Past $1 Post Bitcoin Halving?

XRP is expected to record a massive hike to breach the $1 price mark by the end of 2024 and early 2025.
The asset is expected to hit $0.74 this month, following the renewed interest that could hit the altcoin market.

XRP’s price move has disappointed as it struggles to break and sustain above-critical resistance levels following the big drop from its 2023 high. Interestingly, the partial victory for Ripple Labs and its regulatory clarification was expected to push the asset to around its all-time high price of $3.4. However, our data shows that XRP has declined by 5% in the last 30 days, extending its Year-To-Date (YTD) fall to 6.4%.

Currently, the asset is in the consolidation phase after breaking a key support level to slip to $0.58. Despite its extensive stagnation and the renewed legal showdown against the US Securities and Exchange Commission (SEC), XRP holders expect a comeback triggered by the upcoming Bitcoin halving event.

As renowned analyst Michaël van de Poppe stated, the market capitalization of altcoins is eager for a continuation. Bitcoin Cash, for instance, has begun its move as it rallies past its 2021 high according to a publication by Crypto News Flash.

Also, Bitcoin’s dominance is expected to reduce drastically after the halving, since its valuation of altcoins is very low. According to Poppe, there is a strong interest in purchasing altcoins, and this could lead XRP to bullish ways.

XRP to Hit $1?

On the other side, a section of the crypto community doubts the bullish reversal of XRP as it failed to make any meaningful impact in the previous Bitcoin halving. According to crypto analyst Crypto Rover, XRP has consolidated for 4 years, creating mixed reactions within the community.

In technical analysis, the consolidation phase refers to the ability of the asset to trade between two levels. In this case, there is indecisiveness in the market which could send the price to north or south. Interestingly, consolidation is followed by a notable price spike in either direction. If history is anything to go by, XRP could break from its shell after the Bitcoin halving as investors’ activities are expected to increase.

According to CoinCodex, XRP could surge significantly around the halving period to hit $0.748838, representing a 22% hike from the current level. By the end of 2024 and early 2025, analysts believe XRP could surpass the $1 mark.

XRP is forecast to trade within a price range of $0.588150 and $0.748838 this week. XRP will increase by 27.32% and reach $0.748838 by April 7, 2024, if it reaches the higher value target…The XRP price prediction for 2025 is currently between $0.370551 on the lower end and $1.828238 on the high end. Compared to today’s price, XRP could gain 211.41% by 2025 if it reaches the upper price target.

Interestingly, Changelly also agrees with this prediction as it tips the asset to hit $0.71 in April.