XRP to reach 1$ in January 1st week?
While many assets in the cryptocurrency market are currently experiencing gains, XRP (XRP) has started to forge ahead. It has surged by over 2.81% in the last 24 hours, showcasing a pump in price for Christmas.
Ripple’s XRP token has displayed indications of gaining momentum, prompted by a surge in the funding rate in futures markets, signaling an increase in bullish speculation.
This unexpected upswing has led to speculations that Ripple’s XRP might advance toward the psychologically significant $1 milestone in 2024.
Factors that may contribute to the $1 aim
According to a recent analysis, XRP appears to have shaped what could potentially be the most substantial bull flag on the monthly chart, following its 2018 peak at $3.84. Despite facing hurdles such as a 2020 SEC lawsuit impeding price recovery, XRP’s overall performance has given rise to this noteworthy bullish pattern.
Over the past year, the asset has surged by 84%, outperforming 52% of the top 100 crypto assets. It trades above the 200-day simple moving average , with 17 positive days in the last 30 days, constituting 57% of the observed period.
However, it is essential to note that traders should conduct research prior to investing, as it can help mitigate any unnecessary risks.
Disclaimer: DYOR
