With Ripple (XRP) up 20% amidst a stronger market recovery this week, could this phase be setting a new all-time high in 2024?
The asset has reached $0.66 on Monday after a 6% increase in the past 24 hours according to Coingecko. Can it continue to reach new all-time highs by the end of the year?
The cryptocurrency market has witnessed Bitcoin’s BTC dominance in the first week of March. Specifically, BTC reached $66,000 for the first time since November 2021. Furthermore, the asset has been predicted to reach new all-time highs. Therefore, the market is now exploring how high the tide can lift all other tokens.
Can Ripple track to achieve new ATHs this year?
Although it is already in the third month of the year, 2024 has proven to be a significant year for the cryptocurrency market. Indeed, it has seen Bitcoin (BTC) rise over 6% in the past day. With the presence of Bitcoin spot ETFs and their positive performance, those benefits are yet to be proven to be only related to BTC.
Bitcoin’s performance has lifted the entire cryptocurrency space in terms of its value. Among them is Ripple, with XRP rising over 20% this month, all eyes are on whether it can reach new all-time highs in 2024.
In the past 30 days, Ripple has added 25% to its value and has excited many cryptocurrency investors. Furthermore, the asset is testing a crucial support level at $0.62, which it has now surpassed. An optimistic market sentiment has helped it reach $0.66 without showing any signs of slowing down.
However, to reach new all-time highs, XRP will need to overcome the $3.84 level. That achievement will need a further 500% increase. Currently, the asset will face the next significant test at $1, expected to be tested in the coming months.
XRP price prediction
Technical observations of the XRP token show a price appreciation. with the MACD indicator displaying a bullish green chart, as per Coinpedia. Thus, the token is showing positive price action to be witnessed in the coming days.
Although there is still a long way to go before surpassing the all-time high, there is still plenty of time until 2024. Entering the third month, the token will continue to benefit from the overall positive sentiment that is abundant in the market today. Additionally, the upcoming Bitcoin halving event should not be overlooked.
The main question that Ripple faces is how high it can develop based solely on Bitcoin’s positive performance. Additionally, it will need to address the ongoing lawsuits with the US Securities and Exchange Commission (SEC). A glass ceiling has indeed appeared as the litigation is ongoing. A resolution could bring further increase and the next nine months could create room for the threatened $3.84 price level.
