The crypto market seems to be recovering from the recent dip. Bitcoin (BTC) reclaims the $64k level as its price surged by 5.1% in the last 24 hours. Moreover, the global crypto market cap increased by 4.9% in a day to $2.45 trillion. Ripple’s XRP token has also witnessed a minor recovery of 1.9% on the daily chart.
However, XRP is still down by 18.2% on the weekly chart, 14.1% down on the 14-day chart, and 16.1% down from the previous month. Furthermore, the price of XRP has decreased by 4.3% since April 2023.
The recent recovery could be attributed to the upcoming BTC halving event. The pioneer cryptocurrency is expected to undergo a halving on 20th April 2024. Halvings are often considered bullish as they reduce the supply of an asset, potentially leading to increased demand.
Ripple XRP Price Prediction for end of April
According to CoinCodex, Ripple’s XRP could increase to $0.646849 by 23rd April 2024. A move to $0.646849 from the current level would represent an increase of roughly 29.6%. However, CoinCodex predicts that the XRP price would face a slight pullback after touching $0.646849. The platform expects XRP to trade at $0.62 by 30th April 2024.
Changelly also anticipates an increase in the XRP price in the coming days. The platform predicts that XRP will hit $0.632210 by 30th April 2024, marking an increase of approximately 26.7% from its current level.
One of the major headwinds for XRP price is the ongoing lawsuit between SEC (Securities and Exchange Commission) and Ripple. Although the fintech firm received a somewhat favorable ruling in the district court, the case is now being heard in the higher court. Should the higher court rule similarly to the district court, we could witness a potential upswing in XRP’s price.
