Ripple’s native cryptocurrency, XRP, has surged nearly 38% in a month, generating stellar profits for investors who took an entry position in July. However, its bullish run came to a screeching halt as the global stock markets tanked early this week. Since then, XRP has been trading sideways but managed to spike close to 5% this week.
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The leading altcoin is trading at $0.60 on Friday, and the bulls are gearing up for it to catapult to the $1 mark. In this article, we will highlight whether Ripple’s XRP can breach the $1 milestone by the end of the month.
Ripple: Will XRP Reach the $1 Target This Month?
For XRP to hit $1, the altcoin needs to skyrocket 66% in the next three weeks. If this scenario plays out this month, an investment of $1,000 could turn into $1,660.
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So, will Ripple’s native token rise 66% and reach $1 in August? Well, XRP turned bullish just days before the recent stock market crash and is now moving at a snail’s pace in the indices. Due to macroeconomic pressures, market conditions are currently not in favor of a bigger jump.
The Daily Simple Moving Average (SMA) and Weekly Exponential Moving Average (EMA) technical analysis shows a ‘buy’ tag. However, the maximum boost the technical pointers give Ripple’s native token is a surge in value of about 10% this month. Therefore, XRP could trade around the $0.66 mark by the end of the month in August 2024.
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That’s a far cry from climbing above the $1 threshold. Investors must wait extended periods to see XRP trading without a ‘zero’ in the indices. Nonetheless, if the Ripple vs. SEC lawsuit favors the blockchain foundation, XRP could surge higher in value, printing new monthly highs.
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