In the dynamic world of cryptocurrencies, XRP has emerged as a formidable player, showcasing impressive growth in the current bull market. With its market capitalization soaring to an astounding $149 billion, XRP concluded November with an exceptional 283% gain, marking its most significant monthly surge in seven years. As XRP reached a peak value of $2.9, analysts now speculate that it may never dip below $2 again. The cryptocurrency is setting its sights on the $3 mark, potentially paving the way towards its all-time high.
XRP Will Never Drop Below $2
Renowned crypto analyst EGRAG recently highlighted XRP’s extraordinary performance, suggesting a pivotal shift in its price movement. Following its ascent past the $2 threshold, XRP surged to $2.9 before stabilizing at $2.6. This resilience amidst short-term corrections indicates that the token is maintaining its strength above $2, demonstrating its ability to withstand market fluctuations.
EGRAG posits that the $2 level may now serve as a new macro support, replacing the former $0.50 support level. This shift could establish a robust foundation for XRP’s future growth, with bullish investors likely to defend against any significant downturns. Additionally, EGRAG hinted at the possibility of a historic yearly candle close for XRP in 2024. With the token already boasting a 313% increase this year, the analyst anticipates further upward momentum in December, fueled by positive market sentiment.
Analysts See Long-Term Potential
Echoing EGRAG’s analysis, veteran market expert Raoul Pal has also expressed a bullish outlook on XRP, despite his previous skepticism. Pal observed that XRP’s price chart exhibits a massive wedge pattern reminiscent of the structure preceding the 2017 bull run. During that period, XRP experienced an astonishing 5,600% surge after breaking out of the wedge, ultimately reaching its all-time high of $3.31 in January 2018.
Pal suggests that XRP could follow a similar trajectory this time, though he tempers expectations by noting that the growth may not be as explosive. Nonetheless, the current breakout has reignited optimism that XRP could reclaim its previous record and potentially set new milestones.
XRP Eyeing Big Gains: $3 Next
As XRP continues to gain traction, investors who secured positions below $2 are celebrating their strategic decision. The next significant resistance level for XRP is at $2.850, and surpassing this hurdle could propel the price to $2.950, with potential targets of $3.00 and $3.150. The subsequent major challenge for bullish investors may be the $3.20 level.
With market sentiment overwhelmingly positive, the upcoming weeks could prove crucial for XRP’s long-term prospects. However, this rally is just the beginning, as XRP solidifies its standing in the cryptocurrency market, attracting attention from investors and analysts alike.
