As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bull and bear runs. The current state of XRP is intriguing, to say the least. On one hand, we have a 6.68% dip in the last 24 hours, which seems to be a common trend across the crypto market. However, on the other hand, we have prominent traders like Ali Martinez and Peter Brandt expressing bullish sentiments about XRP.
The current XRP price stands at $2.38, marking a 6.68% decrease over the past 24 hours as a result of the broader crypto market’s pullback. This decline represents an over 13% correction from its peak of $2.75 reached just last week, and the XRP market cap now stands at approximately $136 billion.
Despite some reservations, well-known crypto analyst Ali Martinez maintains his optimistic stance on XRP, predicting potential increase in value and a significant surge towards $48.12. Most recently, Martinez highlighted the development of three successive bullish pennants as a positive sign for XRP’s future performance. In his analysis, he foresees a dip back to $2.25 as a potential buying opportunity with a projected price goal of $4.40.
Courtesy: Ali Charts
After a surge of 400% in XRP’s price during the past month, certain cryptocurrency market analysts argue that the altcoin is currently overpriced. Yet, Martinez has decided to go against the mainstream view and place a counter-bet on it.
While some consider XRP overbought, Martinez believes the token is undervalued after breaking out of a multi-year symmetrical triangle. He provided a conservative price target of $8.40 and an optimistic target of $48.12 for XRP in the near future.
Courtesy: Ali Charts
In recent times, Ripple‘s digital currency (XRP) has emerged as the favorite among traders, largely due to its impressive surge in value over the last month. In markets like South Korea, XRP is now preferred even over Bitcoin, and it seems that cryptocurrency enthusiasm is spreading rapidly.
Last week, the nation experienced political upheaval, which temporarily led to the declaration of Martial law. However, President Yoon Suk Yeol subsequently rescinded this decree.
Veteran Trader Turns Bullish on XRP after Previous Criticism
The market capitalization for XRP has recently surpassed a noteworthy triangular pattern in consolidation, a chart that seasoned trader Peter Brandt described as “key” within the realm of cryptocurrencies. However, Brandt, who had previously been critical of XRP, has received some backlash due to this shift in opinion. In fact, earlier this year, he forecasted a significant drop in its value.
This the most powerful chart in all of crypto world $XRPUSD
— Peter Brandt (@PeterLBrandt) December 7, 2024
After a recent development in the Ripple vs. SEC case, legal experts have offered essential perspectives on the Appeal Court’s notice. The significant increase in XRP price can be attributed to escalating hopefulness about the possibility of SEC Chair Gary Gensler stepping down and heightened enthusiasm for an XRP Exchange-Traded Fund (ETF). As the token nears 75% of its record high, market feelings suggest that the upward trend might continue.
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2024-12-09 17:37