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After hitting a high of $2.82 last December 3rd, Ripple’s XRP has suffered a minor correction and is now trading between $2.25 and $2.50, CoinMarketCap data shows. Last December 1st, XRP briefly went below $2.00 and has consolidated above this level for days.
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Like most digital assets in recent days, XRP is undergoing extreme market volatility. However, for Vincent Van Code, a software engineer, the Ripple’s altcoin is poised to hit $5 under these market conditions.
Van Code’s comments come when the broader crypto market is experiencing a substantial downturn, driven by Bitcoin’s erratic price movements, which briefly breached the $100k mark. The world’s top asset briefly hit $104,088 on Thursday but immediately suffered a “flash crash,” dropping to $90,500.
As of this writing, Bitcoin has regained strength and is trading above $98k.
#XRP is not dumping, it’s a whole market thing. Triggered by #BTC dump.
Fundamentals are very strong for XRP, if you’re a holder, my gut is telling me it will hit $5 by Feb 2025. All this is noise.
Not Financial Advice. I am not qualified to give any advice. pic.twitter.com/33dtboWwRl
— Vincent Van Code (@vincent_vancode) December 5, 2024
Rising Market Concerns On Bitcoin And Crypto?
The sudden Bitcoin crash was felt throughout the crypto market, spooking many retailers and investors. While the drop significantly affected the greater crypto market, the loss among top altcoins isn’t as big as Bitcoin’s.
Ripple’s XRP is one of the top tokens that declined during Bitcoin’s brief crash. XRP’s price dropped from a high of $2.48 to $2.23, reflecting a 10% loss. Traditionally, altcoins often suffer massive price breakdowns every time Bitcoin corrects in price.
Current Price Corrections Just ‘Noises’ For Long-Term Holders
Market observers, including Van Code, have weighed in on the situation, highlighting XRP’s resilience amid Bitcoin’s slump. He attributed this outcome to the coin’s strong fundamentals, emphasizing that they remain solid despite market turbulence.
Van Code analyzed the situation and shared his optimism on XRP, and he expects the token’s value to hit $5 by February 2025.
According to the commentator, the current price corrections are just “noises” that can be ignored if you’re on XRP for the long haul. Ripple’s token has been following a range pattern for four days after momentarily hitting $2.85. Since then, XRP’s momentum has slowed, pushing the price to revisit $2.10.
XRP Holders And Traders Getting Ready For Another Run
XRP holders are holding on to their optimism and looking for the next drivers to push the asset to revisit its all-time high and enter a price discovery mode.
At $2.36, Ripple’s XRP needs to surge by at least 112% to hit $5. Interestingly, XRP has increased by more than four times over the past month, keeping the hopes of holders and investors alive.
#XRPHolders🚨 Get Ready #XRP Is About To Make New All Time High Of 3.50$ Very Soon. #XRP Printed Bull Flag Pattern 👀 pic.twitter.com/UyiMuGO6s3
— XRP CAPTAIN (@UniverseTwenty) December 5, 2024
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Some analysts also point to different bullish patterns for XRP on the charts. In one Twitter/X post, user “XRP Captain” urged the tokens’ holders to prepare for a breakout soon. He argued that the coin is ready to reach an all-time high, as suggested by a bull flag on the charts.
Featured image from Forbes, chart from TradingView
Credit: Source link
