Ripple (XRP) up 20% this week, stage set for a new ATH in 2024?

As Ripple (XRP) rallied 20% amid the biggest market rally this week, could the stage be set for a new all-time high in 2024? Indeed, the asset reached the $0.66 mark on Monday after jumping 6% over the last 24 hours according to CoinMarketCap. Could it continue to reach all-time highs by the end of the year?

The digital asset market saw Bitcoin BTC leading the way in the first week of March. Specifically, BTC reached $66,000 for the first time since November 2021. Additionally, many predict that the asset will reach a new all-time high on its own. Therefore, the market is wondering how much the rising tide could lift all the other tokens.

Ripple: XRP goes to $0.6: considers $1 nextRipple: XRP goes to $0.6: considers $1 next

Also Read: Ripple (XRP) Up 70% Year to Date as $1 Inches Closer

Could Ripple Follow the Weekly Climb to the New ATH This Year?

Even though we are in the third month of the year, 2024 has already proven to be a vital year for the digital asset market. Indeed, Bitcoin (BTC) has jumped more than 6% over the past day. Despite the presence of Spot Bitcoin ETFs and their positive performance, these gains have not proven to be solely linked to BTC.

The entire digital asset sector has seen its value increase in the wake of Bitcoin’s performance. Among them is Ripple, with XRP up over 20% this month, all eyes on whether or not it could hit a new all-time high throughout 2024.

Ripple XRP cryptocurrency coin tokenRipple XRP cryptocurrency coin token
Source: cryptonews.com

Also Read: Forbes Predicts Ripple (XRP) Price If Bitcoin Reaches $150,000

Over the past 30 days, Ripple has added 25% to its value and has excited many digital asset investors. Additionally, the asset was testing a key support level at $0.62, currently well beyond that level. The market’s bullish perception helped it reach the $0.66 level, with no slowdown in sight.

Nonetheless, to reach a new all-time high, XRP would need to surpass the $3.84 level. Subsequently, this feat would require an additional 500% increase. Currently, the asset is facing its next critical test at $1, which is expected to be tested in the coming months.

XRP Price Prediction

Ripple Analyst Eyes XRP Rise to $2: Here’s WhyRipple Analyst Eyes XRP Rise to $2: Here’s Why

Also Read: Ripple XRP to Rally 54% to $0.91: Analyst Predicts

Technical observations of the XRP token show a bullish perception. with the MACD indicator showing an increasing green histogram, according to Coinpedia. Therefore, the token is exhibiting positive price action which is expected to occur in the coming days.

Although it still has a long way to go before breaking an all-time high, there is still plenty of time left in 2024. As we enter the third month, the token should continue to benefit from the overall positive sentiment that abounds in the market currently. Additionally, the upcoming Bitcoin halving event should not be overlooked.

The main question Ripple faces is how much it can grow on the eels of Bitcoin positivity alone. Alternatively, it will need to find a resolution to its ongoing lawsuits with the U.S. Securities and Exchange Commission (SEC). Indeed, a glass ceiling appears to be in place with the ongoing litigation. A conclusion could lead to further increases, and the next nine months could provide space for the $3.84 price to come under threat.

reference: watcher.guru

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