It is no secret that the XRP price lost significantly since the crypto bear market of November 2021. Ever since, prices have been on a continuous downtrend. However, it is important to note that XRP reached a very significant price area and is looking to reverse this downtrend. Will XRP token be able to reach $1 soon? In this XRP price prediction, we analyze why an XRP price up along a price hike might be inevitable.
Is XRP Price down in 2022?
XRP crypto is definitely doing better than BTC. Since the beginning of the year 2022, Bitcoin prices lost more than 20%. On the other hand, XRP only lost 5%, as prices started at $0.83 and reached a current price of $0.79. In figure 1, we plot BTC and XRP prices to see how much each crypto lost YTD.
XRP is about to return to the same price of $0.83 which opened in the year 2022, while Bitcoin still needs a push of 27%. This is good news for XRP, as another crypto bull market can send prices even higher and hopefully reach $1.
Why will XRP increase in Price?
If we look at figure 2 below, we can see how XRP prices halted their downtrend in late January 2022. We had our first consolidation around $0.60 before prices shot to $0.90, then adjusted back to $0.70. Currently, we are in a consolidation trend, and usually, those represent an extension of the previous trend. Once prices break the $0.82 price, another price shoot would be imminent, potentially towards the psychological price of $1.
When will XRP reach $1?
It is often hard to predict “when” will a certain cryptocurrency reach a certain price area. This is true, especially when analyzing prices from a technical perspective, as fundamental analysis hints at potential dates such as feature drops or court dates. What we can do for the case of XRP is give an approximate duration based on previous price-actions. Currently, the price of XRP is around $0.79, and we need $0.21 to reach that target. In figure 3 below, we show 2 scenarios where XRP rose by more than $0.20 following a strong consolidation of more than a week.
Keeping up with this logic, XRP price should reach $1 somewhere in the first week of April. Keep in mind that this analysis takes into consideration that the crypto market is not crashing.
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