XRP has emerged as a standout performer in the current crypto bull market, achieving remarkable growth. Its market capitalization has reached an impressive $149 billion as it concluded November with a spectacular 283% gain, marking the largest monthly surge seen in seven years. XRP’s price soared to a high of $2.9, and experts are now suggesting that it may never dip below $2 again as it sets its sights on reaching $3 and potentially challenging its all-time high.
XRP Will Never Drop Below $2
In a recent analysis, renowned crypto expert EGRAG predicts a significant shift in XRP’s market behavior. After surpassing the $2 threshold, XRP surged to $2.9 before stabilizing around $2.6. Despite minor market corrections, the token has shown remarkable resilience, maintaining a position above $2.
EGRAG suggests that the $2 level could now serve as a new macro support, replacing the previous support level of $0.50. This indicates a solid foundation for future growth, with bulls likely to defend against any major downward movements. Additionally, EGRAG hints at the possibility of a historic yearly close for XRP in 2024. With the token already recording a 313% increase this year, further upward momentum is anticipated in December, fueled by strong market sentiment.
Analysts See Long-Term Potential
Supporting EGRAG’s optimistic outlook, veteran market analyst Raoul Pal has expressed his bullish stance on XRP, despite having been a skeptic in the past. He observed that XRP’s price chart displays a substantial wedge pattern, reminiscent of the setup seen before the 2017 bull run. During that period, XRP experienced a phenomenal surge of 5,600% after breaking out of the wedge, eventually reaching its all-time high of $3.31 in January 2018.
Pal believes XRP could follow a similar trajectory this time, although he tempers expectations by suggesting the growth may not be as explosive. Nonetheless, the current breakout has ignited optimism that XRP may soon reclaim its previous record and even establish new highs.
XRP Eyeing Big Gains: $3 Next
As XRP continues to gain traction, investors who entered the market at prices below $2 are celebrating their decision. The next significant resistance for XRP is at $2.850, and surpassing this level could propel the price to $2.950, with potential targets at $3.00 and $3.150. The subsequent major challenge for bulls might be $3.20.
With market sentiment overwhelmingly bullish, the coming weeks could prove crucial for XRP’s long-term prospects. However, this rally appears to be just the beginning as XRP solidifies its position in the ever-evolving crypto market.
