The native token of Ripple, XRP, has passed the $0.56 threshold and appears to be on a positive trajectory that could see further increases in the asset in the near future.
The well-known cryptocurrency analyst Dark Defender, who goes by the X (Twitter) handle, predicts that the coin’s value will rise to about $0.66 by the start of November.
The statement read, “XRP formed a bull flag pattern, and this structure touches precisely our target at $0.66.”
Some analysts, who expect the asset’s price to soar to unimaginable heights, have not been as reserved. For instance, X user CryptoBull projected that, based on its performance in prior rallies, XRP may soar to $220 in the upcoming bull run.
It is noteworthy that the spike is improbable given that, in order for this to occur, the token’s market capitalization would need to rise past $100 trillion. In contrast, the industry’s total market capitalization was over $3 trillion in 2021, the year that Bitcoin reached its highest point at nearly $70K.
Is XRP going to beat Bitcoin in 2024?
The community has recently focused a lot of attention on two of the most talked-about cryptocurrencies: Bitcoin (BTC) and Ripple (XRP), as their prices have increased noticeably over the last several weeks.
In the event that the business behind the asset wins the case against the SEC, some supporters of XRP have expressed optimism for a very successful 2019.
Additionally, ChatGPT mentioned that the token’s value might increase in such a situation. However, based on potential future regulatory changes like the adoption of a spot Bitcoin ETF in America, the AI-powered linguistic model indicated that BTC also has a chance of rallying in the future.