Multiple If statements using columns

I believe you need is switch statement.

Check this link for more details: https://www.mssqltips.com/sqlservertip/7574/dax-case-statement-dax-if-switch/

and search for text "DAX SWITCH(TRUE())" and read from there.

I tried to understand and came with below syntax. Not sure whether it works correctly or not, give a try...

Your Column = 
SWITCH (
    TRUE (),
    Table1[Value] < Table1[Target], "Orange",
    Table1[Value] >= Table1[Target] && Table1[Value] < Table1[High], "Green",
    Table1[Value] >= Table1[High] && Table1[Value] < Table1[Purple], "Red",
    Table1[Value] >= Table1[Purple], "Purple",
    "0"
)

Output:

A SWITCH is often neater than nested IFs. 

I think you could write it like this:

SWITCH (
    TRUE (),
    T[Value] < T[Target], "Orange",
    T[Value] < T[High], "Green",
    T[Value] < T[Purple], "Red",
    "Purple"
)

(Replace "T" with whatever your table name is.)

Edit: It looks like sevenhills got there first. The only difference with mine is that I've eliminated the redundant conditions. For example, if you get past the "Orange" line, we already know that T[Value] >= T[Target], so we don't need to recheck it.