The cryptocurrency market is abuzz with discussions about XRP’s recent price movements. After a strong rally pushing the price up to $2.9, XRP has experienced a noticeable correction. This has led to questions about the sustainability of the rally. However, crypto analysts, including MadWhale, suggest that XRP’s upward journey is far from over.
Why XRP Price Could Reach $3.2
In a detailed analysis shared on TradingView, MadWhale laid out the reasons behind the anticipation of XRP climbing to $3.2. The analyst pointed out XRP’s substantial trading volume and its underperformance compared to other cryptocurrencies. While many digital assets have experienced significant gains, XRP remained relatively stagnant until the recent surge.
Key Insights from Analysts
According to MadWhale, XRP’s extended stagnation has built up pressure, making it primed for a breakout. Both fundamental and technical analyses support a positive outlook, with current charts indicating a strong potential for upward movement. This suggests that XRP could not only revisit its all-time high (ATH) but surpass it.
Recently, XRP’s price has pulled back within the past 24 hours after experiencing a parabolic rise over the last few weeks. Crypto analyst Dark Defender had anticipated this correction, predicting that XRP would consolidate between $2.13 and $2.92 for several days before resuming its upward trajectory.
The Path to $3.99
Dark Defender maintains a bullish stance on XRP, forecasting a rally to approximately $3.9993, which would set a new all-time high, surpassing the current ATH of $3.8. Meanwhile, Egrag Crypto, another well-known analyst, has suggested that a rebound from the $2.19 level could propel XRP to even greater heights, potentially reaching double digits during this market cycle.
XRP’s Journey Towards $3.99
In a recent update shared on social media, Dark Defender elaborated on XRP’s potential rally to $3.99. The analyst highlighted that XRP is navigating through critical Fibonacci levels, with the recent correction being anticipated. While sideway movements may continue for a bit longer, the outlook remains optimistic.
Strategic Price Levels to Watch
Dark Defender emphasized key levels for traders to monitor as XRP consolidates. Support levels are identified at $2.13 and $2.27, while targets are set at $2.92 and $3.99. Reclaiming the $2.92 mark, which aligns with a Fibonacci level, could signal readiness for further upward momentum.
As of now, XRP is trading at approximately $2.30, having experienced a decline of over 12% in the past 24 hours, according to CoinMarketCap data. The ongoing price struggle against bearish trends has been observed, but analysts remain hopeful of a bullish reversal.
