Amid a notable decline in the price of XRP, a controversial question was posed to the community by a prominent member, questioning the coin’s ability to surge to staggering heights, up to $40. This question ignited discussions and arguments among market participants as they weighed their thoughts and expectations for the Ripple-backed coin.
Meanwhile, XRP changed hands at $0.5344 at the time of writing, representing a 0.96% decline over the last day. Notably, the decrease in its price is not isolated, as several top cryptocurrencies have traded in red in the last 24 hours.
XRP to $40 in 2024?
In a recent post on X, JackTheRippler drew attention to a similarity between the current XRP price movement with that of 2017 when it reached its all-time high of $3.
According to the chart shared, XRP surged to $3 in 2017 after breaking out of a consolidating closing triangle pattern. In comparison, the 2024 chart depicts a similar movement, with XRP converging around its current price range of $0.5 and $0.6.
The analysis suggests that XRP is nearing a breakout that will rocket the coin’s price as high as $40 toward the end of 2024.
Source: JackTheRippler/X
Meanwhile, not everyone in the community has the same bullish outlook for the coin. The post ignited varied reactions from participants who highlighted disbelief and cited several factors that could hinder such an overly-estimated price movement.
Community Reaction
One user, Les Purves, noted that the $40 prediction is unrealistic, adding that members should stick to a more possible expectation like XRP to $1. His comment underscores the immediate projection of XRP investors who have been hoping for a rally that would double the current price of the coin.
Another user, Totoro East, disagreed with this prediction, giving the criteria for XRP to reach such an amount. He noted that XRP can only trade at $40 if its market cap reaches $2.3 trillion, particularly the size of the entire crypto market which according to him is impossible at this time.
One user, Democlean Salvation Inc., partially agreed with JackTheRippler, however, he noted that the price target might be possible at the end of 2025, and not in 2024.
Another user highlighted the attitude of investors selling off their holdings as soon as the price shows any sign of an upsurge. According to him, people would quickly sell their coin once it started to rise, which would immediately send the price of the coin crashing again.
However, not everyone disagreed with the prediction, others expressed their optimism, hoping that the forecast would become reality.
Can XRP Reach $40?
XRP is known to be affected by several factors including regulatory outcomes. For XRP to skyrocket to $40, different macroeconomic factors need to align perfectly. The case between Ripple and the SEC also has to come to a favorable conclusion.
Meanwhile, XRP has traded between $0.5318 – $0.5428 in the last 24 hours. An increase to $40 would imply a surge of several thousand percent. Whether this is possible or not depends on general market sentiment, investors’ confidence, and broader market conditions.
The post Is XRP to $40 by End of 2024 Possible? Here is How the Community Responds appeared first on Coinfomania.
