XRP poised for breakout: Analysts eye $1.68 mid-term target

XRP is estimated to touch $1.68 in mid-term, or maximum, by the end of this year, 2024. That would set the stage to retest the previous peak of $1.96, which occurred in April 2021. This comes as the cryptocurrency attempts to navigate its way out of the ongoing symmetrical triangle formation. Additionally, the negative MVRV ratio indicates the token’s current undervaluation.

The price of XRP is currently at 0.5253, down 2.54% over the past 24 hours. However, it has jumped 4.30% in the last 7 days—values true at the time of articulating this piece. Analysts believe a jump to $1.68 is imminent; however, they first need to secure $0.98 for support. A tentative timeline for the mid-term roadmap has not been defined. It is only safe to assume that the endpoint is in the next 4-6 months or December-end this year.

The token continues to maintain lower highs with no significant peak. The majority of attention is focused on observing XRP’s weekly movement. XRP has been retesting the lower trendline of the 3-year symmetrical triangle. A drop occurred from April 11 to April 13, 2024. A figure of $0.4188, last seen in May 2023, marked the last day of the consecutive drop, signaling a bearish pull. However, analysts expect a fresh start as the crypto market recovers from the bear market.

An upswing is on the line, with XRP prediction estimating a surge to more than $2 by the end of this year. Alternatively, it might encounter some support at $1.98. Irrespective of the milestone, any growth exceeding $1 will pave the way for a subsequent increase to $2, thereby generating respectable returns. As for the mid-term timeline, volatility can still come into play for any high or low on the chart.

The MVRVR ratio last stood at -0.5733%. This signifies that the ongoing trend only undervalues XRP. An unexpected jump happened when Judge Analisa Torres declared that XRP was a non-security during the Ripple vs. SEC lawsuit. The price jumped to $0.93 in July of last year. So, growth is in the picture, and the question is: How much time will it take for XRP to trace its steps toward an upward trajectory?

An early target for XRP is to emerge from the symmetrical triangle formation. It will then achieve the milestone of $0.93, setting the path for a peak of $1.96.

ETH and BTC are meanwhile attempting to make a massive breakthrough. It was assumed that Bitcoin Halving would bring a wave. Instead, it has led to higher uncertainty and volatility. Nevertheless, the rise has not been ruled out – probably delayed.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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