Market Analyst Predicts Timeline for XRP to Hit $6
December 21, 2024
A well-known market analyst has provided a timeline for XRP to reach a price that is almost double its all-time high in 2017/2018.
To provide some background, XRP has been experiencing a volatile market due to broader bearish trends triggered by hawkish statements from the Federal Reserve. Fed Chair Jerome Powell’s recent remarks indicated that interest rate cuts in 2025 may be lower than expected. Additionally, comments about legislative restrictions preventing the Fed from holding Bitcoin have also had a significant impact on the cryptocurrency market.
As a result, XRP suffered steep losses, dropping by 9.91% on Wednesday and another 3.24% the following day. The token fell to $1.96 on December 20, but there has been a bullish momentum, leading to a 4.35% rebound to $2.37 at the time of writing this morning.
However, analysts like CryptoBull believe that this correction is a precursor to a major breakout. CryptoBull has shared a chart showing a symmetrical triangle formation, indicating that XRP may be completing its correction phase.
According to this notable market commentator, this structure will resolve within the next week. He expects this resolution to push XRP to a new all-time high of $6 within days of the breakout.
The 1-day chart reveals that the symmetrical triangle pattern emerged after XRP experienced a sharp drop from its seven-year peak of $2.9 on December 3.
Typically, this pattern represents market indecision, with prices consolidating as bulls and bears compete for dominance. Notably, with XRP now close to the apex of the triangle, it suggests that a breakout is imminent.
The structure began with a steep decline (wave A), followed by a recovery (wave B). However, the latest correction has triggered a steeper drop to lower lows, representing wave C.
CryptoBull’s chart suggests that the upcoming recovery could allow XRP to retest the upper trendline of the triangle, completing wave D. However, the chart indicates that this retest will lead to another pullback (wave E), with a potential recovery from this pullback breaching the resistance of the triangle.
Key price levels to consider include $2.4 as immediate resistance and $2.0 as a major support. If XRP breaks above $2.4, it could test its previous high of $2.9 before aiming for the $6 milestone. CryptoBull believes that $6 could be achieved in the next few days.
In a separate analysis, CryptoBull drew parallels between XRP’s current trajectory and its historic rally in 2017. In March 2017, XRP began a multi-month surge that reached an all-time high.
The analyst suggests that XRP is repeating this pattern, having already reached a key target of $1.96. If this pattern continues, CryptoBull predicts that XRP could reach $6.28 by the end of December 2024. Furthermore, a meteoric rise to $40 is predicted by the end of January 2025.
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