Ripple and the US Securities & Exchange Commission are approaching some crucial court dates. While that is posed to mark an uptick in the price of XRP, there are other factors at play as well. For instance, there is speculation that the token may rise against BTC by 15-20%. A tentative timeline has not been drawn, but the growth is considered imminent. That could pull the resistance as high as 35% compared to the current level.
The XRP/BTC trading pair is currently going through a phase of accumulation coupled with high demand. Analysts have seen this trend earlier. Hence, they put forward the theory that a significant rise could occur. A portion of that prediction is evident at the moment. XRP has increased by 2.12% in the last 24 hours, taking the token of $0.5942. It could reach $0.8 and break even at $1 by the end of 2024.
It is impressive, considering the overall crypto market is experiencing a downturn on the graph. BTC and ETH are massively down from their recent ATHs, affecting other tokens as well.
That has not stopped interested traders from accumulating the tokens, especially altcoins, for they have a long-term scope of fetching higher yields. BTC and ETH are surrounded by higher risk margins but not altcoins. They could still fetch profits for traders to take home. SOL and ADA, for instance, are gaining attraction from many investors.
XRP/BTC pair is driven by RSI divergence. That is known to reflect a significant market turnaround. A pivotal moment for altcoins could be around the corner. Upcoming major crypto events to look out for are Bitcoin Halving and Ether ETF approval. Bitcoin Halving may happen in the next month, but Ether ETF approval will likely happen by the end of this year, 2024. The agency has no official word that it will approve applications, but the community is optimistic about it.
A rise in the value of BTC and ETH will also be mirrored in other tokens. XRP is setting the next big target to $1.33 before reaching $1.88 and $5.85, which is also supported by technical indicators. It will not happen instantly as the growth could be gradual and steady in the coming weeks, according to the XRP predictions.
That said, ADA is closer to surpassing the $1 milestone, and SOL could break the level to $200. When writing this article, both tokens are at $0.6033 and $171.49, respectively. The interest in altcoins is only growing since BTC and ETH are becoming expensive and risky. Plus, investors are accumulating cryptos based on their risk assessment and long-term/medium-term goal fulfillment.
Source: https://www.cryptonewsz.com/xrp-primed-for-surge-against-bitcoin-analysts-predict/