Ripple (XRP) has been making significant waves in the cryptocurrency market recently, recording an impressive surge and attracting the attention of traders and investors alike. As of the latest analysis, XRP has successfully surpassed the $1 mark for the first time since November 2021. With a market capitalization of $64.6 billion and a surge of nearly 100% over the past week, XRP is poised to make further strides. But how high can XRP’s price go in the near future? Let’s take a deeper look.

Ripple’s Recent Surge: What’s Driving the Momentum?

Ripple’s performance this month has been nothing short of remarkable. Over the last 30 days, XRP has surged by an impressive 107.42%, while its seven-day increase stands at 94.71%. These gains have brought the price back above the psychological $1 level, which is seen as a key threshold for many crypto investors.

The 50-day and 200-day Exponential Moving Averages (EMA) have recently experienced a Golden Cross on the daily chart, a bullish indicator that signals strong buying momentum. This crossover is often seen as a sign of a sustained uptrend, suggesting that the XRP price could continue to rise in the coming days.

Additionally, the Relative Strength Index (RSI) is hovering in the overbought zone, a sign that demand for XRP is high. While this may suggest that XRP is becoming overbought in the short term, it also indicates strong bullish pressure. As the RSI continues to climb, it suggests that the buying momentum might remain in play for a while, potentially pushing the price even higher.

Key Resistance Levels: Can XRP Reach $2?

Given the strong bullish sentiment, XRP is eyeing key resistance levels ahead. The next immediate resistance is $1.1420, which is the first target for bulls. A successful break and close above this level would open the door for a further push toward $1.31, another important resistance point.

The most significant question on the minds of traders is whether XRP can continue its rally and reach the $2 mark by the end of 2024. Based on the current momentum, if the bullish sentiment continues and the market remains favorable, XRP could very well make a push towards $2.

However, it’s essential to note that while the bullish outlook seems strong, resistance levels such as $1.31 and $1.40 could pose challenges for XRP’s ascent. A sustained break above these levels would signal that the XRP price could reach its next target at $2.

Bearish Scenarios: Will XRP Fall Back Below $1?

As with any bullish market, XRP could face periods of price consolidation or pullbacks. If bears take control, the price could retrace to the $1 support level. A significant pullback below $1 would suggest a potential short-term correction, but as long as the overall market sentiment remains bullish, XRP is unlikely to lose significant ground in the longer term.

The $0.8750 level remains a critical support zone for XRP. If the price dips below this level, it could signal a more substantial bearish trend, but for now, the strong buying momentum seems to outweigh any immediate concerns.

Is XRP a Strong Buy?

Given the recent price action and strong technical indicators, XRP seems to be in a favorable position for further growth. However, as with any investment, there are risks involved, especially if market conditions shift or if there is a broader pullback in the cryptocurrency market. Traders should keep a close eye on key levels like $1.31 and $1.40, as breaking these resistance levels would pave the way for further upside.

For now, XRP appears to be a strong buy for those looking to capitalize on the ongoing bullish trend, but caution should be exercised as the RSI suggests the asset may soon be due for a pullback.

Conclusion: Can XRP Reach $2 in 2024?

As of now, XRP looks set for a continued bullish trend. With the price already above $1 and key technical indicators pointing to further upside potential, the next target for XRP could indeed be $2. However, traders should watch for resistance at $1.31 and $1.40, as these levels will determine whether the price can sustain its current momentum. The overall market sentiment will be crucial, and if XRP can hold above its support levels and maintain buying pressure, hitting $2 before the end of 2024 remains a strong possibility.