thecryptobasic.com
Popular crypto expert STEPH envisions XRP staging a significant rally if the price of Cardano (ADA) soars to $1.6.
XRP has recorded an impressive performance over the past week, surging 7.38% in the weekly chart. The crypto asset, which slumped to a weekly low of $0.5526 on August 15, is currently trading above the $0.60 level.
At press time, XRP is trading at $0.6008 per token, up 0.56% over the past 24 hours.
Following XRP’s impressive performance in the past week, several market watchers have issued favorable predictions for the coin.
XRP to Hit $2.5 If ADA Reaches $1.6
In particular, popular crypto analyst STEPH projected that XRP’s price could increase to $2.5 before the end of the year. The analyst suggested that XRP would reach a target of $2.5 if Cardano hits $1.6 within the same timeframe.
It is worth mentioning that XRP and Cardano have a close price correlation. For instance, while XRP has surged 7.38% in the past week, Cardano is up 8.28% in the same period.
Despite this, the performance of both altcoins is determined by premier assets like Bitcoin (BTC) and Ethereum (ETH). Cardano’s potential surge to $1.6 requires the token to surge 337.51%. Meanwhile, XRP will witness a comparable growth rate of 316.11% if its value soars to $2.5 from its current price of $0.6008.
Experts Set $2.5 Target for XRP
The $2.5 target has gained prominence within the XRP community. Besides XRP previously surpassing this level in late 2017, several analysts have been projecting that the coin will revisit the $2.5 territory soon.
Last month, famous chartist Captain Faibik indicated that XRP bulls are making significant efforts to clear a crucial trendline that could potentially take the asset’s price to $2.5.
Additionally, a group of industry experts forecasted that the Ripple-affiliated token could soar to $2.55 after the SEC lawsuit. Although a New York federal court issued the highly anticipated final judgment, XRP has yet to hit the milestone.
Nonetheless, the resolution of the SEC v. Ripple lawsuit has bolstered investors’ confidence in XRP, potentially paving the way for a substantial price spike to $2.5.