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.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
