After hitting a high of $2.82 on December 3 last year, Ripple's XRP has suffered a minor correction and is now trading between $2.25 and $2.50, CoinMarketCap data shows. Last December 1st, XRP briefly went below $2.00 and has consolidated above this level for days.
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Like most digital assets in recent days, XRP is going through great volatility in the market. However, for Vincent Van Code, a software engineer, Ripple's altcoin is ready to hit $5 under these market conditions.
Van Code's comments come as the broader crypto market is experiencing a major downturn, driven by Bitcoin's price movements, which briefly broke the $100k mark. The world's main asset briefly hit $104,088 on Thursday but suffered an immediate “flash crash”, falling to $90,500.
As of this writing, Bitcoin has regained strength and is trading above $98k.
#XRP it's not dumping, it's a whole market thing. Inspired by #BTC dumping
Fundamentals are very strong for XRP, if you are a holder, my gut tells me it will hit $5 by February 2025. This is all noise.
Not a Financial Council. I am not qualified to give any advice. pic.twitter.com/33dtboWwRl
– Vincent Van Code (@vincent_vancode) December 5, 2024
Market Concerns Rising About Bitcoin and Crypto?
The sudden Bitcoin crash was felt throughout the crypto market, worrying many sellers and investors. Although the reduction had a significant impact on the larger crypto market, the loss among major altcoins is not as great as Bitcoin's.
Ripple's XRP is one of the top tokens that went down during the brief Bitcoin crash. The price of XRP fell from a high of $2.48 to $2.23, showing a 10% loss. Traditionally, altcoins often experience significant price declines whenever Bitcoin corrects in price.
Current price corrections only 'Sounds' for long term holders
Market observers, including Van Code, have weighed in on the situation, highlighting XRP's stability amid Bitcoin's decline. He attributed this result to the strong fundamentals of the coin, stressing that they will remain firm despite market turmoil.
Van Code analyzed the situation and shared optimism about XRP, and he expects the value of the token to hit $5 by February 2025.
According to the commentator, the current price corrections are just “noises” that can't be ignored if you're on XRP for the long haul. The Ripple token has been following a range pattern for four days after hitting $2.85 per minute. Since then, the movement of XRP has slowed down, pushing the price to visit $2.10 again.
XRP holders and traders are getting ready for another run
XRP holders are keeping their hopes up and looking for the next drivers to push the asset to retrace its highs and enter price discovery mode.
At $2.36, Ripple's XRP needs to increase by at least 112% to hit $5. Interestingly, XRP has increased more than four times over the past month, keeping the hopes of holders and investors alive.
#XRPHolders🚨 Get ready #XRP It Is Going To Make A New All Time High Of $3.50 Very Soon. #XRP Printed Bull Banner Pattern 👀 pic.twitter.com/UyiMuGO6s3
— XRP CAPTAIN (@UniverseTwenty) December 5, 2024
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Some analysts also point to various bullish patterns for XRP on the charts. In one Twitter/X post, user “XRP Captain” urged token holders to prepare for an imminent breakout. He argued that the coin is poised to reach an all-time high, as suggested by a bullish flag on the charts.
Featured image from Forbes, chart from TradingView
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