thecryptobasic.com
Software engineer Vincent Van Code has expressed his view on when he believes $XRP could have a $5 price amid ongoing market volatility.
Van Code commented on $XRP’s outlook as the broader cryptocurrency market experienced a significant downturn, triggered by Bitcoin’s sharp price drop after it briefly surpassed the $100K milestone.
Bitcoin peaked at $104,088 on Thursday, but hours later, it dropped dramatically, revisiting lows at $90,500 amid a 13% one-day crash. However, Bitcoin has since rebounded, trading above $98K at press time.
This sudden Bitcoin decline triggered widespread market turbulence, raising concerns among investors. Interestingly, the altcoin market did not experience a similar magnitude of loss when Bitcoin fell by 13%.
For instance, $XRP’s value declined from its intraday high of $2.48 to $2.23, reflecting a smaller drop of 10%. Typically, altcoins tend to experience sharper declines during Bitcoin corrections.
Market observers, including Van Code, have weighed in on the situation, highlighting $XRP’s resilience amid Bitcoin’s slump. He attributed this outcome to $XRP’s strong fundamentals, emphasizing that they remain solid despite the current market turbulence.
$XRP to Hit $5
Van Code expressed optimism about $XRP’s potential, suggesting that the price could reach $5 as early as February 2025. He described the current market fluctuations as mere “noise” for long-term holders.
$XRP has been in a range pattern for the last four days after briefly touching $2.85. Since then, the bears have taken control of $XRP’s momentum, pushing the price down to a retest of $2.10.
$XRP enthusiasts hope for a renewed bullish spark to drive the price higher, surpass its all-time high, and enter a price discovery phase.
At a current price of $2.36, $XRP would need a 112% rally to reach $5. Notably, the coin has achieved growth of more than four times this amount over the past 30 days.
$XRP Getting Ready for its Next Bull Run
While holders grow increasingly impatient with the ongoing consolidation, analysts are already predicting that $XRP is nearing the end of its time in the $2 range. They point to the formation of various bullish patterns on the charts.
In a recent post, analyst “$XRP CAPTAIN” urged holders to prepare for an imminent breakout. He emphasized that $XRP is poised to reach a new all-time high, noting the formation of a bull flag.
Similarly, analyst “King $XRP” pointed to a bullish triangle pattern and speculated that a price of $10 could be reached in the coming days. However, this remains speculative.