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- XRP shows signs of recovery in the crypto market rally, with predictions suggesting a rise to $0.76.
- Despite a year-to-start decline of 11%, XRP gained 17% in February, indicating a potential comeback.
Ripple(XRP) had a difficult start to 2024, erasing out its gains from 2023 and dropping below $0.50 at the beginning of February. The market has taken notice of Ripple’s native coin despite its setback, as expectations of a significant price increase have grown. This resurgence aligns with a broader crypto market rally, yet XRP’s journey has been uniquely marked by both highs and lows.
Market Sentiment Shifts for XRP
Marzell, founder of Crypto Pilot, an automated crypto trading tool, has set his sights on an optimistic price target for XRP, forecasting a rise to $0.76 in the short term. This prediction is buoyed by the asset’s recent performance and the overall market’s upward momentum, with BTC expected to hit $55,000 and ETH aiming for $3,000. Despite this bullish forecast, XRP has not been without its challenges. It remains the second-worst performer among the top 50 cryptocurrencies since the year’s start.
đź“ŠThis weeks predictions;#Ethereum hits $3,000 +#Bitcoin $55,000+#Solana $140+#Chainlink $23+#XRP $0.72c
— Marzell (@MarzellCrypto) February 18, 2024
Additionally, Changelly, a prominent crypto exchange, has released a research report offering a detailed monthly projection for XRP’s price in 2024. Although the report recognizes XRP’s previous difficulties, it projects a 23.71% rise that will see the price surpass the $0.5 barrier and reach $0.667 by the middle of February 2024. With a 28% bearish to optimistic view, the report shows a mixed market sentiment. However, it also identifies a pattern of strong market greed, as indicated by the market’s Fear and Greed index score of 74.
Technical Analysis and Legal Battles Influence XRP’s Trajectory
XRPÂ experienced significant trading activity. After attempting to surpass the $0.580 resistance level against the US Dollar, XRP encountered a setback, initiating a downward correction. This correction saw the price dip below the support levels of $0.565 and $0.560, marking a notable shift in investor sentiment and market dynamics.
From a recent low near $0.5400, XRP has commenced a recovery, now trading above the $0.550 mark and maintaining a position above the 55 simple moving average on the 4-hour chart.Â
The recovery trajectory of XRP has been marked by its move above the 50% Fibonacci retracement level, tracing the downward trend from the $0.5793 high to the $0.5400 low.Â
Moreover, derivative traders’ sentiments, as reflected in Santiment’s funding rate data, reveal a steadfast bullish stance. Despite a recent 7% dip in XRP’s price, the willingness of long position holders to pay rising fees suggests a strong belief in the asset’s short-term recovery. This resilience among investors underscores a broader trend of optimism that could propel XRP to new heights in the coming months.
A key factor influencing XRP’s price trajectory is the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC). A ruling by Judge Analisa Torres highlighted the complexities of Ripple’s sales practices, impacting investor sentiment and the asset’s market positioning. As deadlines in the lawsuit approach, the outcome could significantly impact XRP’s price movements.
