In recent weeks, the digital asset market has been experiencing an ongoing correction. However, that changed in the first week of May, when a large number of assets were reversed and set to rise. Moreover, Ripple (XRP) is one of them, with its recent 6% rise reviving hopes of $1.4 in 2024.
That increase of almost 7% has occurred in the last seven days CoinMarketCap. Additionally, the cryptocurrency has seen its volume increase by over 100%, catapulting the asset price above $0.55 and giving XRP investors some much-needed optimism.
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Ripple (XRP) is expected to rise above $1 by 2024
At the beginning of the year, Ripple (XRP) was one of the most anticipated digital assets. Many had seen the end of the legal conflict with the US Securities and Exchange Commission (SEC). Therefore, the market had hoped that the asset was about to rise based on the vitality of cross-border payments and its continued popularity.
The year is only five months old, and that's not the case yet. In fact, XRP struggled to build any momentum off the market, maintaining a position around $0.5 and sparking some concern from the community.
However, that appears to be changing thanks to positive sentiment across the market. Subsequently, Ripple (XRP) has seen a recent 7% surge over the past week, raising hopes that the asset will cross the $1.4 mark in 2024.
Also read: Here's how to become a millionaire if Ripple (XRP) reaches $1
Crypto analyst EGRAG Crypto went to X (formerly Twitter) to give his prediction regarding the asset. Specifically, he explained the journey for XRP to arrive in four phases. This model identifies 300 days in which the price starts at a level of $0.53 and $0.58 in the early stages.
After that, XRP is said to be on course between $0.63 and $0.70, amid a 'sentiment shift'. The third level will “signal the start of a bull run” and see Ripple move between $0.75 and $0.85. Finally, according to the analyst, a “psychosocial battlefield” will begin to form for the assets.
Here the asset has the potential to reach the $1 mark, but will have to fight a lot of realities. Market concerns and greed could come into their own and derail the catapulting price. However, remaining steady would point to a rise towards the $1.4 mark and possibly beyond.