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Despite a 10% drop on a two-week scale, analysts remain bullish on Ripple , predicting significant future gains influenced by the upcoming Bitcoin halving and the outcome of Ripple’s lawsuit against the SEC.
The cryptocurrency maintained momentum in the following days, hovering around the $70K level. The positive trend changed yesterday when its price dipped to $68,500. The asset witnessed yet another rebound in the past few hours, currently trading at almost $70,000 .The community remains optimistic that another more substantial spike is on the horizon.
“Understanding market cycles is essential for prudent investment decisions. We haven’t even started. The peak will be from 2024 to 2025,” he added., scheduled for next month, will slash the rewards received by miners for validating blocks on the blockchain in half, thus reducing the temp of creating new coins. The event will make BTC scarcer and potentially more valuable in future. Historically, it has been followed by a massive bull run for the leading cryptocurrency and the entire market.
Some DOGE proponents cheered the move, assuming this could be a precursor of another substantial price pump. Others wondered who might stand behind the transfer, with some suggestions pointing out to Tesla’s CEO Elon Musk.
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