After performing well throughout this week, all eyes are now on the trajectory of XRP. The asset is currently down from $0.74 on Monday, but there are some optimistic technical indicators. With that in mind, can Ripple (XRP) aim for $1 after the highly anticipated Bitcoin halving event?
This event is expected to take place on April 20 and it is one of the most important events in the market. The correlation between both BTC and XRP is an interesting one and may have an impact on Ripple’s further increase when it happens next month.
Will XRP Soar when Bitcoin Halving Happens?
For Ripple, 2024 has yet to prove to be as positive as many had hoped. On Monday, March 11, the asset rose to the $0.74 mark but profit-taking activity caused its value to decline. Indeed, over 65.4 million XRP tokens held for over 6 months have been sold. According to CoinMarketCap, that increasing pressure will drive the asset down to the current $0.62 level.
However, there is still optimism accompanied by the highly anticipated Bitcoin halving event. Furthermore, XRP is currently facing a decreasing selling pressure since Saturday. After that, a reversal is expected. Specifically, one that can bring the asset back to the $0.70 level.
With that being said, Ripple (XRP) may be set to rise even higher, nearing the $1 mark when the Bitcoin halving event occurs. Specifically, the correlation between the 4-year event and the overall market can support the value of XRP more than any other asset.
An important thing to look out for with Ripple is its transaction volume situation. This indicates that the asset is currently in a position to take advantage of any positive developments. Specifically, within the general sentiment of the market.
The Bitcoin halving has long had a major impact on the entire market. Furthermore, some analysts have gone as far as predicting a significant increase to $3.84 for XRP after this event. While that level of increase may not be likely, the possibility of a recovery is becoming increasingly higher in the week.
