XRP has the potential to see a significant increase in price, potentially reaching $5.2, following the upcoming Bitcoin halving. This anticipated event has garnered much excitement within the crypto community due to the historical bullish market that typically follows.
Many top cryptocurrencies, including XRP, are expected to benefit from the post-halving bull market as they tend to follow the price action of Bitcoin. In light of this, The Crypto Basic has explored XRP’s potential price outlook based on the historical performances of both Bitcoin and XRP.
Looking back at Bitcoin’s trajectory after the 2020 halving, we can see that it opened for trading at $8,755. While it experienced some fluctuations, reaching a low of $8,374 and a high of $9,033, it remained below $10K for the next five months. However, by late October, it broke through the bull market doors and by January 2021, it had already gained 3X, entering the $30,000 range for the first time. Bitcoin continued its upward trend, surpassing $60K by April 2021, but later faced a price correction, revisiting the $30K range a year after the halving. Notably, from October 31, 2020, to April 14, 2021, Bitcoin saw a growth of 363%.
As for XRP, it reached its bottom at $0.1885 around the time of the Bitcoin halving. Three months later, it briefly entered the $0.3 range before mostly trading around the $0.2 channel until late October 2020. By the following month, XRP had experienced a 307% gain, reaching a daily high of $0.768. However, it did not maintain the upward trend alongside Bitcoin in January 2021 and crashed below the November 2020 high. Yet, it later mirrored Bitcoin’s trajectory and reclaimed the $1 threshold in early April. During the bullish surge, XRP peaked at $1.9650 on April 14, a significant increase of 942% from its low in May 2020.
If XRP were to repeat history, it could potentially reach a price above $500,000, similar to Bitcoin’s 700% gain following the 2020 halving. However, most forecasts for Bitcoin’s peak in this cycle range between $150,000 and $250,000. Similarly, if XRP were to mirror its impressive 942% gain in 2021, starting from its current price of $0.5, it could potentially surge to $5.2.
While some market participants express doubt about such a price action, others remain highly optimistic, with some market analysts suggesting that even $10 is a conservative estimate for XRP this season. However, it’s important to note that these projections are speculative, and the future direction of XRP could be entirely different.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.