XRP made waves in the cryptocurrency market in November, breaking out of a 5.5-year consolidation phase with an impressive 283% increase. This rally extended into December, pushing the price to a high of $2.9 on December 3. However, the excitement has since subsided, with XRP retreating and facing price struggles. After weeks of price action between $2 and $2.6, the altcoin experienced a sharp drop to $2.15, influenced by a broader market downturn triggered by the Federal Reserve’s interest rate cut of 0.25%.
Despite these challenges, analysts are still optimistic about XRP’s future potential. Market analyst Amonyx pointed out that the November breakout from the long-term consolidation phase signals a strong upward momentum for XRP. Amonyx compared this breakout to a similar move in March 2017, when XRP surged by 284% after breaking a 4-year consolidation pattern. This rally led to a remarkable 60,000% increase from $0.0055 to its all-time high of $3.31 in January 2018. Amonyx predicts a repeat of this explosive price action in 2024, with an ultimate target of $251, representing a staggering 50,100% increase from the $0.50 price at the start of November.
Whales have purchased an additional 30 million $XRP in the last 24 hours! pic.twitter.com/YDACwEsKM1
— Ali (@ali_charts) December 17, 2024
While such a target may seem ambitious, analysts like CryptoBull believe that XRP is nearing the end of its correctional phase, which could conclude within the week. CryptoBull anticipates an initial surge to $6 once this phase is over. Additionally, market veteran Michael van de Poppe remains bullish on XRP’s role in the crypto market. He noted that XRP’s explosive moves often set the stage for broader altcoin rallies, and he expects XRP’s continued ascent to spark a new altcoin season.
Technical analyst EGRAG also provides a more immediate bullish outlook, highlighting the importance of XRP closing above $2.3 on the 3-day chart. If this occurs, the next key level is $2.62, and a close above this threshold could signal a fully bullish formation. XRP is currently trading at $2.3, showing a 3.7% increase today, as investors await further price developments.
#XRP – As Expected – Trust The Process:
— EGRAG CRYPTO (@egragcrypto) December 19, 2024
In just 6 hours, #XRP will close the 3-day candle hopefully above $2.3 – this is a strong bullish signal!
📈 Next target: $2.62! 🎯
A close above $2.62 will trigger the full bullish formation and set us up for the next leg up! 🔥… https://t.co/O2U8f6FY8D pic.twitter.com/GZ9ukGpNA2
Despite the recent setbacks, XRP’s long-term potential remains strong, with many analysts predicting that the recent correction will soon give way to a significant rally.
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.
Also Read: XRP Price Poised for Wave 3 Breakout, Key Levels and Targets Revealed by Top Analyst
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