Ripple’s XRP hit a high of $2.82 on December 3 last year and has since undergone a slight correction, currently trading between $2.25 and $2.50, according to data from CoinMarketCap. On December 1st of last year, XRP briefly fell below $2.00, but remained strong above this level for several days.
Like most digital assets these days, XRP has experienced extreme market volatility. But for software engineer Vincent Van Cord, Ripple's altcoin is on track to reach $5 under these market conditions.
Mr. Van Cord's comments were made at a time when the entire cryptocurrency market is experiencing a significant downturn due to the volatile price fluctuations of Bitcoin, which at one point exceeded the $100,000 mark. The world's top fortune briefly reached $104,088 on Thursday, but soon suffered a “flash crash” and fell to $90,500.
As of this writing, Bitcoin has regained momentum and is trading above $98,000.
#XRP It's not dumping, it's a market-wide problem. The trigger was #BTC garbage.
The fundamentals of XRP are very strong. If you are a holder, my intuition is that it will reach $5 by February 2025. This is all noise.
It is not financial advice. I'm not qualified to give advice. pic.twitter.com/33dtboWwRl
Will market concerns about Bitcoin and cryptocurrencies increase?
Bitcoin's sudden collapse was felt throughout the cryptocurrency market, surprising many retailers and investors. Although this decline had a significant impact on the entire crypto market, the losses for top altcoins were not as great as for Bitcoin.
Ripple’s XRP was one of the top tokens that fell during Bitcoin’s temporary crash. XRP price fell from a high of $2.48 to $2.23, reflecting a 10% loss. Historically, altcoins have often suffered massive price declines whenever Bitcoin's price corrects.
Current price correction is just “noise” for long-term holders
Market observers, including Van Code, have weighed in on the situation and highlighted XRP's resilience amid Bitcoin's downturn. He attributed this result to the coin's strong fundamentals, emphasizing that the fundamentals remain strong despite the market turmoil.
Van Code analyzes the situation and shares his optimism for XRP, predicting that the value of the token will reach $5 by February 2025.
According to commentators, the current price correction is just “noise” and can be ignored if you are using XRP for the long term. Ripple’s token has been following a four-day range pattern after briefly reaching $2.85. Since then, XRP's momentum has slowed and the price has risen again to $2.10.XRP holders and traders prepare for new run
XRP holders remain optimistic and are looking for the next driver to bring the asset back to all-time highs and enter price discovery mode.
Ripple’s XRP is $2.36 and needs to rise at least 112% to reach $5. Interestingly, XRP has more than quadrupled in the past month, keeping the expectations of holders and investors alive.
Some analysts have also pointed out different bullish patterns for XRP on the chart. In one Twitter/X post, user “XRP Captain” urged token holders to prepare for a breakout soon. He claimed that the coin is poised to reach all-time highs, as suggested by the bullish flag on the chart.
Featured image from Forbes, chart from TradingView
