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XRP Value May Surpass $1.50 After Bitcoin Halving and Spot ETF Approval!

Crypto analyst Austin Hilton predicts a surge in XRP price to $1.50 and beyond following Bitcoin’s halving and the anticipated approval of Spot Bitcoin ETFs in 2024.

Key Takeaways

  • XRP price on Binance recently surged to $0.63 as Ripple resumes its upward trend.
  • Analyst Austin Hilton anticipates a rally to $1.50 for XRP, driven by Bitcoin’s halving and potential approval of Spot Bitcoin ETFs in 2024.
  • XRP’s thirty-day correlation with Bitcoin is 0.89, indicating a significant impact of Bitcoin’s bullish events on XRP.
  • Additional catalysts for XRP include developments in the SEC lawsuit against Ripple and the company’s plans for an IPO.

XRP Anticipates Bullish Surge to $1.50

XRP, the native token of the XRP Ledger, experienced a surge to $0.63 on Binance, marking a resumption of its upward trajectory. Analyst Austin Hilton predicts a significant rally for XRP, foreseeing a price surge to $1.50 and beyond.

This bullish projection is tied to two major events in 2024: Bitcoin’s upcoming halving and the potential approval of Spot Bitcoin ETFs.

Bitcoin Events as Catalysts

Hilton emphasizes the strong correlation between XRP and Bitcoin, with a thirty-day correlation of 0.89. According to the crypto analyst, Bitcoin’s halving and the expected approval of Spot Bitcoin ETFs in the first half of 2024 will serve as catalysts for XRP’s price surge.

He anticipates positive momentum for XRP, reaching $1.50 and potentially higher in response to these bullish events in the broader cryptocurrency market.

Technical Analysis and Price Trends

Currently trading at $0.63, XRP’s price is in an uptrend after a pullback from its monthly high of $0.70. Technical analysis suggests a potential rally towards $0.7430, the 61.8% Fibonacci retracement level of the decline from its July 13 peak to the August 17 low. Hilton warns that a daily candlestick close below $0.6200 could indicate a trend reversal, challenging the bullish thesis for XRP’s price.

To Conclude

Analyst Austin Hilton’s forecast envisions a bullish surge for XRP, reaching $1.50 and beyond, driven by key events in the cryptocurrency market, including Bitcoin’s halving and the potential approval of Spot Bitcoin ETFs in 2024.

The ongoing SEC lawsuit against Ripple and the company’s IPO plans add additional layers of influence on XRP’s price dynamics. However, caution is advised, with attention to technical indicators and the potential for trend reversals in the market.