The price of Ripple XRP has been on a wild rise since the start of the year, leaving many holders and enthusiasts wondering what will happen next. With plans to launch a USD-pegged stablecoin, the community speculates that the XRP price will reach $1.
But XRP has taken a beating in recent weeks, falling 6.93% over the past week and 10% over the past month.XRP trading begins at 05:37 AM ET Below $0.60a critical level.
This level shows a period of sideways movement, with neither a significant increase nor a significant decrease in price. So, after all these ups and downs, will XRP reach the $1 mark by the end of April? Let’s dig into this.
Bulls Hold XRP Above Lower Bollinger Bands: Is Now a Good Time to Buy?
Currently, the price of XRP is trading above the lower Bollinger Bands, which indicates that bulls are actively preventing further price declines.
Often, it shows buyers are in control and protects them from a larger sell-off. XRP price is also above the ascending trend line on the chart, supporting this bullish momentum.
Notice that the trendline connects the higher lows. Therefore, a break above this line further reinforces that the overall uptrend remains intact. Another positive indicator is XRP’s Money Flow Index (MFI) reading of 51. Readings above 50 indicate more buying interest than selling interest.
Together, these technical indicators support bullish sentiment for XRP. Since XRP may be in the early stages of the next bull run higher, investors may consider buying now before the bull run begins.
Lower prices provide a more attractive entry point than chasing prices higher after a large move. Of course, investment decisions should not be made based solely on technical analysis.
Ripple to release stablecoin – will this affect XRP price
On April 4, Ripple Labs shared exciting news on the X platform. According to the latest news, the company plans to launch its stablecoin on the XRP Ledger blockchain network.
The stablecoin, due to launch later this year, will be directly tied to the value of the U.S. dollar.
1/ The stablecoin market is booming – currently around $150B and expected to soar to over $2.8T by 2028. There is a clear need for trust, stability and practicality.
That’s why later this year we’ll launch stablecoins pegged 1:1 to the U.S. dollar on XRP Ledger and Ethereum.
— Ripple (@Ripple) April 4, 2024
It said it would be supported by a variety of assets including U.S. dollar deposits, U.S. government bonds and other low-risk investments. The stablecoin market is growing rapidly. It is currently worth approximately $150 billion and is expected to soar to over $2.8 trillion by 2028.
People wanted stability and reliability, so Ripple launched a stablecoin. Ripple’s stablecoin aims to provide a more reliable and efficient alternative to tokens such as USDT and USDC.
Additionally, it is expected to attract more investors, increase the value of the ecosystem, and solidify XRP’s position as a global payment solution. Ripple’s plans to launch a stablecoin could significantly impact the price of XRP.
XRP holders optimistic about stablecoin launch
Early signs on the blockchain on April 4 suggest that XRP holders are bracing for positive outcomes from the stablecoin announcement. Although the release is still months away, the data shows investor optimism is running high.
XRP’s futures market open interest has grown significantly. Within 24 hours after Ripple launched its stablecoin, open interest jumped from $899 million to $981.2 million.
This represents a 9% increase, exceeding the 3% increase in XRP price that day. When open interest rises faster than price, it’s a bullish sign. This means traders are betting on XRP’s future success, even if the current price has yet to catch up.
Furthermore, today, April 5, 2024, open interest remains bullish, rising by more than 4.46% in the past 24 hours. Options open interest currently stands at $290,900, an increase of 15%. This also supports investors’ growing interest in XRP’s future price movements.
XRP Analysts Predict Future Price Trends
Even though the price of XRP has dropped slightly, popular analyst Dark Defender remains optimistic about it. he Think Ripple A break above $1 is possible again, but a fall below $0.54 is also possible, as a certain point in the Fibonacci sequence suggests.
“None of the above changes the $1.88 or $5.85 targets, but it does give a sense of the different wave structures,” DefenderDark said in his X post.
Dark Defender uses technical indicators such as RSI and Elliott Wave, as well as past data to perform its analysis. He predicts different price levels for XRP, such as $0.97 and $1.5.
Another analyst EGRAG CRYPTO also shared his views on XRP. On X Post, analysts presented two possible outcomes for the coin in the coming months.
#ripplecoin Q1 candle close:
Gate of Valhalla: 0.75c and above
Vaal Hell’s Gate: Under 0.44c#XRPArmy Stay steady, our path is clear, but remember to secure profits along the way if you need to, because I will do the same 💪 pic.twitter.com/JqIM8LAEHf— EGRAG Crypto (@egragcrypto) April 1, 2024
He said the price could soon rise above $0.75 or fall below $0.44. Experts say the path to new highs above $10 is clear. In addition, EGRAG advises investors to take profits if necessary.
Previously, on March 31, analysts explain XRP is already primed for a bull run as it has been closing above the 21-day exponential moving average (EMA) for over 6 months.
Two major events that could impact the price of XRP are the Bitcoin halving in April and the outcome of the Ripple v. SEC case. If Ripple fails, it could lead to stricter rules for the entire cryptocurrency industry. But if the company wins, the entire community looks good.
At the same time, investors who cannot risk buying XRP right now can consider this new project with huge potential.
Ripple (XRP) Alternatives
Dogecoin20 raised $10 million in just one week and is becoming the most talked about meme coin on the market. Investors now have one last chance to participate in Dogecoin20’s pre-sale before Dogecoin20’s DEX launch scheduled for April 20.
During the pre-sale, the price is fixed at $0.00022. However, once on the exchange, the price will be determined by market supply and demand.
$DOGE20 is launching on World Dog Day – will the price go up?
Meme coin enthusiasts refer to April 20 (4/20) as “International Dog Day,” which increases interest in the industry every year. This day is special because it is considered Elon Musk’s favorite day. It’s worth noting that Musk played a major role in Dogecoin’s success in 2021, which has also influenced a number of other meme coins on the market.
Excitement in the cryptocurrency market typically surges on International Dog Day, and in 2023, Dogecoin surged by more than 50% ahead of the day.
Now, with the next Governor’s Day less than a month away, people are anticipating another meme coin craze. The good news is that Dogecoin20 will launch on DEX that day, giving new investors the opportunity to join the market.
Despite the uncertainty, the successful pre-sale of Dogecoin20 and its connection to Dogecoin points to a bright future. The project also offers stakers annualized returns of up to 106%, although this percentage will decrease as more people enter the platform.
Over $48 billion in DOGE20 tokens have been staked, indicating a massive influx. With all this in mind, the Dogecoin20 project looks very promising.Therefore, please visit Official website and take some coins.
