The upcoming Bitcoin halving is stirring excitement in the cryptocurrency market, as this event has historically coincided with price increases for Bitcoin (BTC). As a result, analysts are now turning their attention to the potential impact on altcoins like XRP.
XRP has yet to recapture its all-time high of $3.84 set in January 2018. However, prominent market analyst Leb Crypto (@leb_crypto) believes this could change soon. Leb predicts that XRP could surpass its all-time high before or right after Bitcoin’s halving, slated for next month.
Expecting 2018 ATHs to be taken out very soon (before or right after BTC halving).#xrp
Let me know in the comments what you think would follow that pump. pic.twitter.com/nw4AWNsmQI
— LE₿ C®️YPTO (@leb_crypto) March 13, 2024
Read Also: Financial Experts Predict XRP Price for End of 2024
Leb attributes this potential surge to a broader market upswing fueled by the Bitcoin halving. The analyst expects Bitcoin to experience a period of strong price action, possibly reaching a new all-time high of $100,000.
This bullish trend in Bitcoin and a significant new all-time high like $100,000 is likely to spill over to altcoins like XRP, allowing them to recover previous highs. Leb believes that XRP, XLM, and similar currencies can shine for a few weeks after Bitcoin reaches this target.
An Overwhelming Bullish Sentiment
Leb is not alone in his optimistic outlook for XRP. Several leading analysts have issued bullish price predictions for the cryptocurrency, citing its underperformance in the 2021 bull run. Back then, XRP failed to reach its previous highs due to significant selling pressure triggered by the ongoing lawsuit filed by the U.S. Securities and Exchange Commission (SEC).
However, with the pivotal court victory in July 2023, many analysts believe the major hurdle for XRP has been cleared. The victory has paved the way for a potential surge, with some analysts forecasting a rise to $5.85. Other analysts have also set higher targets, suggesting a very good 2024 for XRP.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Google Bard Predicts Terra Classic (LUNC) Price If Bitcoin Hits $250,000 After Halving
Reasons for XRP Optimism
Beyond the Bitcoin halving, several factors contribute to the bullish sentiment surrounding XRP. The ongoing lawsuit with the SEC is nearing a resolution, which could remove a major cloud of uncertainty hanging over the cryptocurrency.
Additionally, Ripple’s business, focused on facilitating international payments, continues to experience steady growth. This real-world utility could propel XRP adoption and demand in the future.
A prominent crypto figure recently predicted that XRP will pump the hardest in this bull run. With XRP’s growing popularity, many bullish signals in the market, confidence from multiple analysts, and other positive factors, it could outperform the bullish expectations when it begins its historic run.
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