According to CryptoPotato, the upcoming Bitcoin halving event, scheduled for April, is expected to decrease miner rewards and may boost the cryptocurrency market. Analysts predict that Ripple's XRP could exceed $1 soon, with potential spikes up to $1.40 in April and an eventual all-time high of $5, depending on overcoming key resistance levels.
The Bitcoin halving is a major event in the cryptocurrency industry that takes place roughly every four years. It will cut the rewards distributed to miners for validating new blocks on the blockchain in half: from the current 6.25 BTC to 3.125 BTC. The process, which is part of Bitcoin's supply mechanism designed to control inflation and make the asset scarcer in time, has historically been followed by an overall market resurgence.
For XRP to hit the $1 mark before the upcoming event, several complex elements need to be in place, starting with regulatory changes. Partial Ripple victories in its case against the US SEC have contributed to XRP's brief price ascents. The trial between the two entities is scheduled for April 23, and updates on that front could propel volatility for the asset. Investor behavior, positive market sentiment, and important partnerships inked in the following weeks could also be beneficial for XRP's price. Ripple has recently teamed up with Commercial International Bank (CIB) in Egypt, Siam Commercial Bank (SCB) in Thailand, and Attijariwafa Bank in Morocco.
Analysts who observe XRP's trajectory on a daily basis believe the token could tap and even surpass the $1 milestone next month. X user EGRAG CRYPTO predicted a spike to as high as $1.40 in April, followed by an all-time high of $5. Alex Cobb was also bullish, forecasting that XRP might reach a new peak in the upcoming months should it surpass the key resistance level of around $0.63.
