On Monday, Ripple’s native token XRP broke through the anticipated $1.50 threshold, climbing to a peak of $1.56 before stabilizing near $1.50 as bulls and bears fight for control. This upward momentum has reignited market excitement, with analysts forecasting that the top altcoin’s upcoming target is $2. To hit this psychological milestone and chart new territory, the cryptocurrency needs to climb roughly 35%.
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After Breaching $1.50, Can XRP Reach $2 Next?
Yes, having cleared the $1.50 mark, XRP stands a strong chance of pushing past the $2 barrier next. That said, the altcoin must hold its current ground to eye that milestone. An additional catalyst for a potential move past $2 is Bitcoin’s steady climb on the charts, with BTC trading at $83,000 on Monday and reaching new monthly highs.
The world’s leading cryptocurrency by market capitalization has experienced continuous growth following Donald Trump’s statement last month that the US government is weighing the purchase of a “sizeable” Bitcoin reserve. Major altcoins typically mirror Bitcoin’s price action, rising in value alongside it. XRP is currently tracking Bitcoin’s trajectory, meaning further gains for BTC toward the $90,000 to $100,000 range would push XRP past the $2 mark.
The probability of Bitcoin reaching those levels is strong, particularly as crude oil prices have dropped below $100 to trade at $94 a barrel, signaling a stabilizing economic climate. Furthermore, the US stock market is performing well and outperforming expectations. Should oil prices sustain the $94 level or drop under $89, Bitcoin and XRP hold optimal conditions for hitting $90,000 and $2, respectively.