XRP has positioned itself as a formidable contender in the ongoing crypto bull market, achieving significant milestones. As its market capitalization soared to an impressive $149 billion, XRP concluded November with an astounding 283% gain, marking its most substantial monthly surge in seven years. The cryptocurrency reached a peak price of $2.9, igniting discussions among experts about its future potential. Some analysts now suggest that XRP might never dip below the $2 threshold again, with its sights set on the $3 mark and perhaps a new all-time high.
XRP Will Never Drop Below $2
Renowned crypto analyst, EGRAG, recently shared insights suggesting that XRP’s recent performance signifies a pivotal shift in its market trajectory. After surging past the $2 milestone, XRP ascended to $2.9 before finding a stable footing around $2.6. Despite encountering short-term corrections, the token has demonstrated remarkable resilience, maintaining its position above the $2 mark, even amid market fluctuations.
EGRAG anticipates that the $2 level could transform into a new macro support, supplanting the previous $0.50 support level. This development indicates that XRP is building a robust foundation for further growth, with bullish investors likely to defend against significant downturns. Furthermore, EGRAG hinted at the potential for a historic yearly candle close for XRP in 2024. With the token already boasting a 313% increase this year, the analyst foresees continued upward momentum in December, fueled by strong market sentiment.
Analysts See Long-Term Potential
Echoing EGRAG’s analysis, veteran market expert Raoul Pal has also expressed a bullish outlook on XRP, despite his previous skepticism. Pal observed that XRP’s price chart currently exhibits a substantial wedge pattern, reminiscent of the structure observed prior to the 2017 bull run. Back then, XRP experienced a phenomenal 5,600% surge after breaking out of the wedge, ultimately reaching its all-time high of $3.31 in January 2018.
While Pal believes XRP could follow a similar trajectory this time, he advises caution by suggesting that the growth may not be as explosive. Nevertheless, the current breakout has kindled optimism that XRP may soon reclaim its previous record and potentially set new heights.
XRP Eyeing Big Gains: $3 Next
As XRP continues to garner momentum, early investors who seized the opportunity to buy below $2 are reaping the rewards of their decision. The cryptocurrency’s next significant resistance level stands at $2.850, and surpassing this threshold could propel the price to $2.950, with potential targets of $3.00 and $3.150. The subsequent major hurdle for bullish investors might be at $3.20.
With market sentiment overwhelmingly optimistic, the coming weeks could prove crucial for XRP’s long-term prospects. However, it is important to note that this rally may only be the beginning as XRP solidifies its position within the crypto landscape, positioning itself as a key player in the market.
