Cryptocurrency analysts are expecting a significant surge in the price of XRP, subject to a broader rally in the cryptocurrency market. Ethereum, Solana, and Binance Coin (BNB) are expected to play pivotal roles in this potential rally.
One analyst, Erwin, has set a $5 price target for XRP, conditional on Ethereum hitting $10,000, Solana hitting $950, and BNB rising to $1,700. This prediction is based on the recent bullish trajectory of these cryptocurrencies and the potential for a broader market recovery. While these targets are lofty, a price rally in 2024 could push these assets to new heights.
XRP Price Path
While XRP has shown signs of resilience, its price has been constrained by a long-term descending resistance line. Dark Defender, a prominent cryptocurrency analyst, has drawn attention to this trend line. It has consistently prevented XRP from breaking out of its current trading range, but recent price action suggests that XRP may be close to a breakout.
He also identified key Fibonacci extension levels that could act as potential resistance points for Ripple. If the cryptocurrency breaks through these levels, it could signal a major shift in bullish momentum, potentially sending the price above $5.
Ethereum's Role in XRP's Potential Rise
Ethereum’s performance is also important for the CRP surge. Analysts have been bullish on Ethereum’s prospects, especially after the Bitcoin halving event. Cryptocurrency analyst Kallio shared his prediction in 2022 that the Bitcoin halving would send Ethereum to $10,000 between late 2024 and early 2025.
The launch of Ethereum ETFs has also helped boost Ethereum’s prospects, with Makepool Crypto predicting in July that the fund would be the primary driver of a major rally in Ethereum.
Many community members believe that a new all-time high is imminent. They believe that if Ethereum can reach $10,000, it could create positive sentiment that will benefit the broader crypto market, including XRP.
Solana and BNB are also expected to contribute to the overall market rally. Meanwhile, other analysts have predicted significant gains for both cryptocurrencies.
While the short-term outlook for XRP looks promising, analysts also have long-term predictions for the cryptocurrency. Some experts believe it could reach $6 by 2030, indicating great potential for long-term investors.
