Crypto analyst Altstreet Bets has forecasted that XRP could break the $1 threshold before the end of 2024. His projection is based on the anticipated emergence of a bullish Elliott Wave pattern, suggesting a significant price movement is on the horizon.
The digital asset has struggled to regain $1 despite several positive developments. The last time it reached this level was in the spring of 2022, following the 2021 bull run. Since then, despite multiple advances within the XRP Ledger ecosystem, the token has remained below this crucial psychological barrier.
In July 2023, the asset surged to approximately $0.93 following a ruling by U.S. District Judge Analisa Torres, who declared that the token is not inherently a security. This decision temporarily boosted its value, marking the highest price it had reached in two years. However, the token failed to sustain the momentum and did not cross the $1 mark.
$1 Price Expectation Before Year-End
Altstreet Bets remains optimistic about prospects for 2024. Using the Elliott Wave theory, he predicts that the asset is on the verge of an upward trend before the end of 2024. According to his analysis, XRP’s price is currently in the early stages of an Elliott Wave structure.
He also identifies the current price of $0.5849 as part of the first wave (Wave i), after which a minor correction to around $0.55 is expected. Once this correction is completed, a more substantial rally toward the $1 mark could occur within the next few months.
Altstreet Bets further anticipates another corrective wave before XRP achieves a decisive breakthrough above $1, signaling a long-term bullish trajectory for the cryptocurrency.
Further Support for an Imminent Bullish Trend
TraderSZ, a widely followed cryptocurrency analyst, also indicated that the asset is approaching a breakout point. He noted that the token is nearing a crucial resistance zone around $0.60, and if it surpasses this level, it could initiate a significant upward trend. However, unlike Altstreet Bets, TraderSZ did not provide a specific target for the price.
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XRP On Track for $1
Additionally, Analyst Steph recently highlighted a head-and-shoulder pattern on XRP’s daily chart, which could trigger a short-term rally, potentially pushing the asset beyond the $1 mark. This pattern is often seen as a bullish indicator.
To gain further insights into the asset’s potential, we consulted ChatGPT for its perspective. According to the AI chatbot, the token could reclaim the $1 level within the next 3 to 12 months, depending on several market conditions.
If Ripple and the SEC do not appeal Judge Torres’ final ruling within the stipulated time frame, this could eliminate a significant source of legal uncertainty surrounding the digital asset.
Such a resolution would likely make way for a more sustained upward movement in its price, reinforcing the positive outlook shared by analysts. XRP may be on the verge of overcoming the challenges that have kept it below $1 for nearly two years.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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