XRP Breaches the $1.50 Wall: Is $2 in the Bag?

On Monday, Ripple’s native token, XRP, broke through the anticipated $1.50 resistance level, climbing to a peak of $1.56 before stabilizing near $1.50 amid a tug-of-war between buyers and sellers. This upward movement has reenergized the market, with analysts forecasting that $2 is the next major target for the prominent altcoin. To achieve this psychological milestone and chart new territory, the cryptocurrency needs to gain roughly 35%.

Also Read: XRP Hitting $10 Could Be Nearer Than You Think: Here’s Why

After Breaching $1.50, Can XRP Reach $2 Next?

XRP stands a strong chance of hitting the $2 mark next, having successfully cleared the $1.50 threshold. Sustaining its current price level is a key requirement for the altcoin to pursue this target. Another catalyst for a potential rally 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 largest cryptocurrency by market capitalization has experienced continuous growth following Donald Trump’s announcement last month that the U.S. government is exploring the purchase of a “sizeable” Bitcoin reserve. Major altcoins typically mirror Bitcoin’s upward trajectories. XRP is currently following BTC’s pattern, and further gains that push Bitcoin toward the $90,000 to $100,000 range would enable XRP to cross the $2 threshold.

Strong prospects exist for Bitcoin to reach those levels, supported by a drop in crude oil prices below $100. Crude oil currently trades at $94 per barrel as economic conditions appear to stabilize, while the U.S. stock market also displays strong performance with better-than-expected returns. Should oil prices hold at $94 or drop under $89, Bitcoin and XRP will be well-positioned to hit $90,000 and $2, respectively.