- Despite a largely positive outlook from XRP proponents, XRP metrics validates both bullish and bearish expectations for 2024.
- On the other hand, XRP analyst is making a bullish call for XRP; citing $1 as an attainable price point in April.
The occasional altcoin rally in 2024 has positioned leading altcoins like Ripple (XRP) in a bullish light. The previous year saw XRP trade in an upward trajectory for a significant period of time before the bulls took the back seat. XRP has seen its prices take a major hit as the asset has been trading downwards since the new year began. However, market sentiments, on-chain data and current XRP metrics is depicting a sideways possibility for the asset in the long-term.
Notably, demand appears to validate XRP’s bullish potential. Historically, increased daily transactions implies an increase in demand for the asset. In XRP’s case, transactions have skyrocketed with a 7-day average 686,000 since March 7th. This time last year, only 218,000 transactions were recorded within the same time frame. Additionally, active XRP addresses soared and reached a peak in January. XRP searches also soared as interest rate rose in February.
On the flipside, transaction figures have since declined, following the 5.4 million transactions recorded in January. The asset’s current existing supply of 54,736,690 XRP in circulation, as such, XRP could be even more inflationary if demand declines in the future, especially with as more XRP tokens are still being mined.
XRP at $1? Here are the possibilities
Meanwhile, a market analyst is making a bullish price call for the asset despite its underwhelming movement pattern over the past weeks.
As depicted in a 1-day trading chart, the pseudonymous XRP analyst DefendDark, shared that XRP hit a price point of $0.58 on February 28, but the asset is expected to surge to $1 by next month. Outlining the previously predicted trajectory, he noted that $0.6462 and $0.92 were two price points successfully attained on March 1st and 13th re3spectively. As such, XRP potentially hitting $1 in march is still in motion.
The analyst further detailed the potential movement patterns for XRP in the coming week. Holding a largely bullish position, the analyst wrote;
“Based on the new high of $0.75, the targets are updated as follows:
Fibonacci Levels: $0.9772-$1.5048, $2.3172 in the short term. We recently mentioned $0.58, Orange Support, which worked successfully. Based on the structure below, XRP will maintain this level and proceed with the targets, which I expect to happen in April. (Not Financial Advice) Long story short, XRP is standing on the “SPRingBoard”.
Following Bitcoin’s decline to $62,000, the broader cryptocurrency market recorded a collective price dip, resulting in a mild drop in global market cap value. Altcoins have followed suit, and XRP is not exception. Daily and weekly gains are currently sitting above 11%, as XRP trades at a press time price of $0.608.
