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Popular crypto analyst Altstreet Bets predicts XRP price could break through $1 before the end of 2024 as it prepares to enter a bullish Elliott Wave structure.
XRP has faced significant challenges in its attempt to break the $1 price mark. The last time XRP hit this milestone was in Spring 2022, a few months after the 2021 bull rally.
Despite numerous positive developments surrounding the XRPL ecosystem, XRP remains below the $1 price mark. For instance, in July 2023, XRP surged to around $0.93 after U.S. District Judge Analisa Torres declared that the token in itself is not a security. This marked the highest price XRP witnessed in two years.
XRP to Hit $1 This Year
However, it failed to reclai $1. Interestingly, Altstreet Bets asserts that XRP will break the $1 psychological target before the year runs out. The analyst referenced the Elliott Wave theory to make this projection, indicating a potential uptrend in XRP’s price.
According to his chart, the wave structure shows possible routes of increasing price points, beginning from its current price of $0.5849, labeled as Wave i. Notably, the analyst expects XRP to undergo a small corrective wave to around $0.55 before it could stage a rally toward $1 by next month.
Following this surge, the expert anticipates another corrective wave at “iv” before XRP could ultimately break through the $1 target.
$XRP will break 1$ this year. pic.twitter.com/mbdWkOWn5w
— ᴀʟᴛꜱᴛʀᴇᴇᴛ ʙᴇᴛꜱ (@AltstreetBet) September 19, 2024
An Imminent Bullish Move
In a separate update, TraderSZ, a widely followed crypto analyst, speculated that XRP “wants to move soon” and is preparing to break out of a critical resistance zone around the $0.60 mark.
If this breakout materializes, he expects XRP to embark on an upward trend. Unlike Altstreet Bets, TraderSZ did not specify a target for XRP.
$XRP looks like it wants to move soon…whats ur fav xrp meme coins? pic.twitter.com/HobvtL4eG6
— TraderSZ (@trader1sz) September 19, 2024
XRP to $1 Projection
In the meantime, XRP has received numerous projections indicating that the coin is on track to break the $1 price mark. As reported yesterday, analyst Steph identified the formation of a bullish head and shoulder pattern on the daily chart, suggesting that it could propel XRP for a short-term rally beyond $1.
As the $1 prediction gains momentum within the XRP community, we consulted ChatGPT to ascertain when XRP could hit this target. The AI chatbot projected that XRP could reclaim the $1 target within 3 to 12 months. With XRP currently trading at $0.5849, it must surge 70.96% to hit the $1 target.
It is worth noting that several factors could influence this surge. For instance, should the SEC and Ripple fail to appeal Judge Torres’ final judgment before the stipulated deadline, it could end the legal uncertainty surrounding XRP, thus clearing the path for a significant upward movement.