As a seasoned researcher with over a decade of experience in the crypto market, I have seen numerous ups and downs, bull runs, and bear markets. The recent rally of XRP to $2.9 and the subsequent correction has piqued my interest. While some may view this as a sign that the rally is over, I find myself intrigued by the bullish outlook presented by analysts like MadWhale, Dark Defender, and Egrag Crypto.
The cost of XRP has seen a notable drop following its surge to reach around $2.9 in the past week, sparking debates on whether the current upward trend has peaked. However, crypto analyst MadWhale suggests that there’s potential for further increases in the price of XRP.
Analyst Explains Why XRP Price Is Headed For $3.2
In a recent TradingView discussion, MadWhale outlined his reasons for predicting that the price of XRP could reach $3.2. This analyst highlighted the high trading volume associated with XRP and its extended underperformance relative to other digital currencies as key factors. Notably, while other cryptos have seen substantial growth, XRP has been in a phase of prolonged stagnation.
According to MadWhale’s analysis, the prolonged stagnation has made the stock ripe for a possible explosion. He further noted that both fundamental and technical aspects suggest a promising forecast, with the graph indicating significant upward momentum. Consequently, he predicts that the XRP might revisit its existing record high (peak) and potentially aim for even greater heights.
Over the past 24 hours, the price of XRP has dropped slightly and reverted from its steep rise over the last fortnight, as foreseen by crypto analyst Dark Defender. He suggested that XRP might remain within a range of $2.13 to $2.92 for a short period before resuming its climb upward.
Similar to MadWhale, Dark Defender anticipates a positive trend for XRP, forecasting that it could surge towards the intermediate goal of approximately $3.9993. If this prediction comes true, XRP would set a new all-time high (ATH) as its current ATH stands at $3.80.
In my latest study, I, as a researcher, have found that according to crypto analyst Egrag Crypto, if XRP bounces from $2.19, it could potentially propel us towards higher highs and sustain its bullish trend. Egrag Crypto is optimistic that the price of XRP will surge to double-digit figures during this market cycle.
The Road To $3.99
In his latest update on his platform, Dark Defender shared insights about the potential surge of XRP towards $3.99. He pointed out that the XRP price has been following the Fibonacci sequences. He emphasized that this recent drop was indeed anticipated. Furthermore, he suggested that these sideways movements could persist for a short while longer.
The cryptocurrency expert additionally shared crucial points to focus on during the fluctuation of XRP’s price. He marked $2.13 and $2.27 as potential support points for XRP, while suggesting $2.92 and $3.99 as possible objectives for this digital currency. Recapturing the $2.92 objective (a Fib level) implies that the crypto might be prepared to resume its upward trajectory.
Currently, as I type this, XRP’s value hovers approximately at $2.30. However, within the past day, it has experienced a decrease of more than 12%. This information is derived from data provided by CoinMarketCap.
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2024-12-05 18:04