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After reaching a high of $2.82 on December 3, Ripple’s XRP has undergone a minor correction and is now trading between $2.25 and $2.50, CoinMarketCap data shows. On December 1, XRP briefly fell below $2.00 and has been consolidating above this level for days.
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Like most digital assets in recent days, XRP is experiencing extreme market volatility. However, for Vincent Van Code, a software engineer, Ripple’s altcoin is about to reach $5 under these market conditions.
Van Code’s comments come as the broader crypto market experiences a substantial downturn, driven by Bitcoin’s erratic price movements, which briefly surpassed the $100,000 mark. The world’s largest asset briefly hit $104,088 on Thursday, but immediately suffered a “flash crash” and fell to $90,500.
At the time of writing, Bitcoin has regained its strength and is trading above $98,000.
#XRP It’s not dumping, it’s a matter for the entire market. Triggered by #BTC dump.
The fundamentals are very strong for XRP. If you are a holder, my gut says it will reach $5 in February 2025. This is all noise.
No financial advice. I am not qualified to give any advice. pic.twitter.com/33dtboWwRl
— Vincent Van Code (@vincent_vancode) December 5, 2024
Rising Market Concerns About Bitcoin and Crypto?
The sudden Bitcoin crash was felt across the crypto market and scared many retailers and investors. While the decline has significantly affected the larger crypto market, the loss among the top altcoins is not as large as that of Bitcoin.
Ripple’s XRP is one of the top tokens that fell during Bitcoin’s brief crash. The price of XRP fell from a high of $2.48 to $2.23, reflecting a loss of 10%. Traditionally, altcoins often suffer massive price drops every time Bitcoin corrects in price.
Current price corrections are just ‘noises’ for long-term holders
Market observers, including Van Code, have weighed in on the situation, highlighting XRP’s resilience amid Bitcoin’s slump. He attributed this outcome to the currency’s strong fundamentals, stressing that they remain solid despite market turbulence.
Van Code analyzed the situation and shared his optimism about XRP, and he expects the value of the token to reach $5 by February 2025.
According to the commenter, the current price corrections are just “noises” that can be ignored if you use XRP for a long time. Ripple’s token has been following a range pattern for four days after temporarily reaching $2.85. Since then, XRP’s momentum has waned, pushing its price back up to $2.10.
XRP holders and traders are gearing up for another run
XRP holders are clinging to their optimism and are looking for the next drivers to push the asset to its all-time high and enter a price discovery mode.
At $2.36, Ripple’s XRP needs to rise at least 112% to reach $5. Interestingly, XRP has risen more than four times in the past month, keeping the hopes of holders and investors alive.
#XRPHolders
Get ready #XRP About to hit a new all-time high of $3.50 very soon. #XRP Printed Bull Flag Pattern
pic.twitter.com/UyiMuGO6s3
— XRP CAPTAIN (@UniverseTwenty) December 5, 2024
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Some analysts also point to several bullish patterns for XRP on the charts. In a Twitter/X post, user “XRP Captain” urged holders of the tokens to prepare for an early breakout. He argued that the coin is poised to hit an all-time high as suggested by a bull flag on the charts.
Featured image from Forbes, chart from TradingView
