As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen my fair share of market highs and lows. The recent performance of XRP has been nothing short of captivating, with its meteoric rise after Trump’s election victory and the subsequent drop that left many investors on the edge of their seats.
TL:DR;
- Ripple’s native token is poised to retrace in the short term, but that could be just the start of another rally that will push it to a new all-time high, said a popular analyst.
- XRP has cooled off after the recent gains and is actually 10% down on the week.
Initially, XRP experienced a slight delay in taking off following Trump’s victory in the U.S. presidential elections. However, once it gained momentum, it became the center of attention, even surpassing a remarkable 420% growth on a monthly basis. The digital asset reached an impressive multi-year high, almost touching $3.
With excitement building towards a potential record-breaking price of $3.4 (as per CoinGecko), the community cheered on XRP’s progress. However, that momentum unexpectedly faded, leading XRP to experience a gradual drop in value instead. As noted earlier, the token has now suffered an 11% decrease over the past week and is finding it challenging to surpass $2.4 again.
As a result, it dropped to the third position in market capitalization, overtaken by Tether. Additionally, well-known analyst Ali anticipates a temporary drop in value in the near future.
3 times in a row, XRP has formed bullish pennants! It’s high time we hope for another test at around $2.25 to take advantage of a price drop and aim for a potential high of $4.40!
— Ali (@ali_charts) December 9, 2024
Despite this, the strategist maintains a positive outlook on XRP’s long-term prospects. He anticipates that it will rebound from the support at $2.25 and soar to a record high of $4.4. This would elevate its market capitalization beyond $250 billion.
Previously mentioned, Ali has set forth further ambitious goals for XRP, such as a “moderately hopeful” aim of $8.4 and an exceptionally high target of $48.12.
It’s hard not to ponder if Ripple’s native token, XRP, could potentially exceed Ethereum (ETH) in market capitalization given its promising price forecasts for this cycle. Is it possible?
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2024-12-09 19:32