The much-anticipated bull run in XRP has stalled, leaving holders frustrated and uncertain. After reaching an impressive seven-year high of $2.87 last week, XRP’s upward momentum has faltered. The cryptocurrency saw a quick dip to nearly $2, followed by a slight rebound, only to dip again. At press time, XRP is trading at $2.40, up 3% in the last 24 hours.
While the recent performance of XRP may seem discouraging, analysts are suggesting that this may be a mere pause before a much larger surge. Among them, renowned technical analyst Dark Defender remains optimistic, describing the current price action as a “warming up” phase. He emphasizes the importance of monitoring key Fibonacci retracement levels, which can guide investors through resistance and support zones.
$XRP targets $4.11 & $5.85 as the next Fibonacci Levels.
— Dark Defender (@DefendDark) December 1, 2024
Supports are $2.13 & $1.88.
We are warming up.
Not Financial Advice.
Dark Defender predicts that once XRP’s bullish momentum reignites, the token could target prices between $4.11 and $5.85, levels far above its current and all-time highs. For XRP to hit the $4.11 target, a 78.1% surge would be required, while reaching $5.85 would demand an even more significant 145% price increase.
Support levels have also been identified at $2.13 and $1.88, which could act as entry points for investors or areas where the price could find defense during a potential correction. These levels provide a buffer against bearish market pressures.
Other analysts echo Dark Defender’s optimism, with Ben “BitBoy” Armstrong predicting that XRP could target $4.5 before facing a price correction. However, the cryptocurrency still faces resistance at its previous peak of $3.84. Overcoming this hurdle could pave the way for even higher prices.
Despite the bullish outlook from many analysts, critics remain cautious, suggesting that XRP’s bull run may already be over and predicting a drop to as low as $0.60. Yet, supporters argue that XRP is just getting started, citing its seven-year price compression and strong fundamentals as key indicators for an eventual surge.
Also Read: XRP Soars Amid Ripple ETF Speculation and Market Optimism
XRP holders will need to stay vigilant as the asset navigates through these crucial resistance and support levels, with many hoping that the next move will mark the beginning of a new bull run.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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