After performing well throughout this week, all eyes are on the trajectory for XRP. The asset is currently down from its $0.74 price on Monday but has some optimistic technical indicators. With that present, could Ripple (XRP) be headed for the $1 mark after the highly anticipated Bitcoin halving event?
The event is slated to take place on April 20th and is one of the market’s most important occurrences. The correlation between both BTC and XRP is an interesting one and could influence further gains for Ripple when it takes place in the coming month.
Also Read: Ripple: 3 Reasons Why XRP Could Turn Around to End March
XRP to Surge When Bitcoin Halving Takes Place?
For Ripple, 2024 has not proven to be as positive as many have hoped. On Monday, March 11th, the asset did surge to the $0.74 level but saw profit-taking diminish its value. Indeed, more than 65.4 million XRP tokens that were held for more than 6 months were sold. That increase in pressure would lead the asset to fall to the $0.62 mark that it is presently at, according to CoinMarketCap.
However, there is still the optimism that comes with the highly-anticipated Bitcoin halving event. Moreover, XRP is currently facing a reduction in selling pressure since Saturday. Subsequently, there is the expectation that a reversal is in order. Specifically, one that could catapult the asset back to the $0.70 level.
Also Read: Solana [SOL] Post Halving Price Prediction
That being said, Ripple (XRP) could be set to rally even higher, nearing the $1 mark as the Bitcoin halving event takes place. Specifically, the correlation between the four-year event and the overall market could work to aid XRP’s value more than any other assets.
What’s important to observe with Ripple is the health of its trading volume figures. This indicates that the asset is presently situated to take full advantage of any positive developments. Specifically, in the overall market sentiment.
The Bitcoin halving has long had a massive impact on the market as a whole. Furthermore, some analysts have gone as far past to predict a massive increase to $3.84 for XRP following the event. Although an increase of that magnitude is unlikely, a rally is growing more probable by the week.