Engineer Predicts Milestone On ‘Strong Fundamentals’
CoinMarketCap data shows that after hitting a high of $2.82 on December 3 last year, Ripple’s XRP has experienced a slight adjustment and is currently trading between $2.25 and $2.50. On December 1 last year, XRP briefly fell below $2.00 and consolidated above that level for several days.
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Like most digital assets in recent days, XRP is experiencing severe market volatility. However, for software engineer Vincent Van Code, the Ripple altcoin is expected to reach $5 under such market conditions.
Van Code’s comments come as the entire cryptocurrency market is experiencing a significant decline due to Bitcoin’s erratic price action, which briefly topped the $100,000 mark. The world’s top asset briefly touched $104,088 on Thursday, but immediately suffered a “flash crash” and fell to $90,500.
As of this writing, Bitcoin has returned to strength and is trading above $98,000.
#ripplecoin It’s not dumping, it’s a matter for the entire market. triggered by #BTC dump.
The fundamentals of XRP are very strong and if you are a holder, my gut tells me it will reach $5 by February 2025. All this is noise.
Not financial advice. I’m not qualified to give any advice. pic.twitter.com/33dtboWwRl
— Vincent Van Code (@vincent_vancode) December 5, 2024
Are market concerns about Bitcoin and cryptocurrencies growing?
Bitcoin’s sudden collapse was felt across the cryptocurrency market, spooking many retailers and investors. While the decline severely affected the larger cryptocurrency market, the losses for top altcoins were not as dramatic as Bitcoin’s.
Ripple’s XRP was one of the coins that fell the most during Bitcoin’s brief crash. The price of XRP fell by 10% from a high of $2.48 to $2.23. Traditionally, altcoins tend to suffer massive price drops whenever Bitcoin price corrects.
The current price correction is just “noise” to long-term holders
Market watchers, including Van Code, have weighed in on the situation, highlighting XRP’s resilience during Bitcoin’s plunge. He attributed the results to the coin’s strong fundamentals, stressing that the fundamentals remain solid despite market turbulence.
Van Code analyzed the situation and expressed his optimism for XRP, predicting that the token’s value will reach $5 by February 2025.
According to commentators, the current price adjustment is just “noise” and can be ignored if you hold XRP for the long term. Ripple’s coin has been following a range-bound pattern for four consecutive days after briefly touching $2.85. XRP’s momentum has since slowed, pushing the price back towards $2.10.
XRP holders and traders are ready for action again
XRP holders remain optimistic and look for the next driver to push the asset back to all-time highs and into price discovery mode.
Ripple’s XRP price is at $2.36 and needs to rise by at least 112% to reach $5. Interestingly, XRP has more than quadrupled in value over the past month, keeping holders and investors hopeful.
#XRP holders🚨 Get ready #ripplecoin A new all-time high of $3.50 is on the way. #ripplecoin Printed bull flag pattern 👀 pic.twitter.com/UyiMuGO6s3
— Captain XRP (@UniverseTwenty) December 5, 2024
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Some analysts have also pointed out different bullish patterns for XRP on the charts. In a post on Twitter/X, user “XRP Captain” urged token holders to prepare for a breakout as soon as possible. He believes that the coin is ready to reach new all-time highs, as indicated by the bull flag on the chart.
Featured image from Forbes, chart from TradingView
