This article is also available in Spanish.
After reaching a high of $2.82 last December 3, Ripple’s XRP has suffered a slight correction and is now trading between $2.25 and $2.50, CoinMarketCap data shows. On December 1, the price of XRP briefly fell below $2.00 and held above that level for several days.
Related reading
Like most digital assets in recent days, XRP is experiencing extreme market volatility. However, for software engineer Vincent Van Code, the Ripple altcoin is expected to reach $5 under these market conditions.
Van Code’s comments come as the broader cryptocurrency market is experiencing a major pullback, driven by erratic price movements of Bitcoin, which briefly breached the $100,000 mark. The world’s highest asset briefly reached $104,088 on Thursday but immediately suffered a “flash crash,” falling to $90,500.
As of this writing, Bitcoin has regained its strength and is trading above $98,000.
#XRP It’s not dumping, it’s the whole market thing. Raised by #Bitcoin foolish.
The fundamentals are so strong for XRP, if you hold it, my gut tells me it will hit $5 by February 2025. It’s all just hype.
It is not financial advice. I am not qualified to give any advice. pic.twitter.com/33dtboWwRl
– Vincent Van Code (@vincent_vancode) December 5, 2024
Growing Market Concerns About Bitcoin and Cryptocurrencies?
Bitcoin’s sudden collapse was felt across the cryptocurrency market, raising concerns among many retail traders and investors. While the decline significantly impacted the larger cryptocurrency market, the loss among the top altcoins is not as large as Bitcoin’s.
Ripple’s XRP is one of the top tokens that fell during Bitcoin’s short collapse. The price of XRP fell from $2.48 to $2.23, reflecting a 10% loss. Traditionally, altcoins often suffer massive price collapses every time Bitcoin makes a price correction.
Current price corrections are just “noise” for long-term holders
Market watchers, including Van Code, have commented on the situation, highlighting XRP’s resilience amid Bitcoin’s decline. He attributed this result to the strong fundamentals of the currency, stressing that it remains strong despite market turmoil.
Van Code analyzed the situation and expressed optimism about XRP, and expects the value of the token to reach $5 by February 2025.
According to the commentator, the current price corrections are just “noise” that can be ignored if you are using XRP for the long term. The Ripple token is following a four-day range pattern after temporarily reaching $2.85. Since then, XRP’s momentum has slowed, pushing the price back to $2.10.
XRP holders and traders are preparing for another round
XRP holders are holding on to their optimism and looking for the next drivers to push the asset to visit its all-time high and enter price discovery mode.
At $2.36, Ripple’s XRP needs to rise at least 112% to reach $5. Interestingly, XRP has increased more than four times over the past month, keeping the hopes of coin holders and investors alive.
#XRPHolders🚨 Get ready #XRP About to make a new all-time high at $3.50 very soon. #XRP Bull flag printed pattern 👀 pic.twitter.com/UyiMuGO6s3
– Captain XRP (@UniverseTwenty) December 5, 2024
Related reading
Some analysts are also pointing to different bullish patterns for XRP on the charts. In a Twitter/X post, user “XRP Captain” urged coin holders to prepare for a hack soon. He argued that the currency is ready to reach an all-time high, as suggested by a bull flag on the charts.
Featured image from Forbes, chart from TradingView