Despite Ripple's recent correction that has seen it fall in recent weeks, XRP's decline could see the crypto aim for a surge to $1. The asset was poised for a huge second half of the year following the settlement with the US Securities and Exchange Commission (SEC). Despite this, the token has recently taken a nosedive.
Over the last seven days, XRP has dropped by more than 3.3%. MintMarketCap. Moreover, it has dropped by 4.6% over the past month and is currently trading at $0.56. There are some crypto analysts who believe that this could be an improvement as the token is poised for a massive upswing.
Also read: Ripple XRP to Surge Over 11,000%, Analyst Predicts
XRP to $1? Ripple Could Be Poised for Unprecedented Surge
Ripple had enormous potential in 2024. In fact, it was one of the most promising cryptos out there. With years of SEC litigation almost over, regulatory clarity was supposed to propel XRP to new heights. Although that hasn’t happened yet, halfway through the year.
It did find an improved price after the settlement, but the flash crash of August 5th only dampened its performance. That could have been for the best. Ripple may have found a path to a $1 XRP thanks to its latest troubles.
A pseudonymous crypto analyst named Hov went to X (formerly Twitter) to discuss the asset’s potential. The post shows two horizontal resistance zones affecting the asset between $0.64 and $0.66. A break there is crucial. But it is not the only option for forming a bullish sentiment.
Also read: Ripple XRP Weekend Price Prediction: Mid-August 2024
There is a grey support area for XRP between $0.50 and $0.52, which is crucial for the asset to begin its upward journey. Overall, if the asset can reverse from its current position, there is a current five-wave structure that could see it reach heights of $1.
The current upside for ripple is around $0.77. This bullish sentiment is shown by Fibonacci extension levels. However, there is a bearish downside. The asset is at risk of falling to lows around $0.42, which would be detrimental to the $1 outlook.