XRP has taken investors on an exciting roller coaster ride this year, taking them on a trip through the highs and lows of the market.
There have been a lot of ups and downs, from a small rise in March to a huge surge in July and another one in the middle of October. Even though this exciting adventure has ended, XRP is now trading at a mere $0.59, a huge drop of 30% from its all-time high of $0.95.
Despite this, the current trajectory of XRP showcases a prolonged consolidative pattern spanning multiple months, hinting at a potential windfall for patient investors. For instance, a bullish head-and-shoulders setup is on the brink of completion, adding a positive dimension to the outlook.
XRP: Buy The Dip?
In the event that the XRP price maintains its upward momentum and successfully breaches resistance, the stage is set for a rapid and substantial rally to the upside, presenting a tantalizing opportunity for those positioned to capitalize on the potential gains.
After looking at the current situation, it looks like XRP is definitely in the “buy the dip” sector. If you think that XRP will continue to rise in value, buying some of the digital asset right now might seem like a great chance to make a lot of money. People who believe that XRP will go up in value over the long term see investing in it now as a good deal.
XRP market cap currently at $32.2 billion. Chart: TradingView.com
Even in the face of the recent correction within the cryptocurrency market and the marginal dip in XRP’s price, certain analysts maintain an optimistic stance, suggesting that Ripple’s coin is poised for a surge to unprecedented heights.
#XRP The Train 🚂Next Stops: $1.3-$3-$5.8-$27:
🔍 Macro View:
Reviving echoes from the 2017 surge, aiming for $27 feels like a plausible target. The markers at $3 and $5.8 stand as critical milestones, yet pushing to $6-$7 might come with some turbulence. These ambitious goals… https://t.co/Aojv3sYmtG pic.twitter.com/c0RSHhlFnA
— EGRAG CRYPTO (@egragcrypto) November 27, 2023
Notably, Twitter user EGRAG CRYPTO stands as an example, outlining the potential upcoming targets for the token, signaling a prevailing belief in the latent upward potential despite recent market fluctuations.
EGRAG said that XRP could go up to $6 or $7 if it went above the “crucial milestones” of $3 and $5.80. Based on how it did during the 2017 bull run, the expert went on to say that he thought the token would explode to $27.
In the current wave of market optimism, XRP is actively participating, driven by growing anticipation surrounding ETFs and witnessing the most substantial surge in inflows since late 2021.
Based on the latest report from CoinShares, digital asset investment products saw an impressive $346 million influx in the previous week alone. Significantly, this marks the highest weekly inflow during a nine-week streak, sparked by heightened expectations of a spot-based ETF launch in the United States.
Notably, this surge is notably the most robust since the bull market observed in late 2021.
This bull run will be a special one for $XRP
Last cycle we saw HEAVY suppression & inactivity due to the whole lawsuit issue
But things have changed since then
In fact, change might be an understatement
As Ripple has flipped this around into the most BULLISH outcome possible… pic.twitter.com/PzDsPVAyyO
— Kyren (@noBScrypto) November 24, 2023
Positive Forecast For XRP
Meanwhile, another Twitter user who thinks Ripple’s coin is going to have a huge surge soon is Kyren. They claim there are a number of reasons why XRP could experience a “unique” bull run in the future.
The re-listing of XRP on key cryptocurrency exchanges, Ripple’s engagement with several central banks worldwide, and the company’s winning streak in its legal battle against the US Securities and Exchange Commission (SEC) are a few of these.
The broader crypto market is currently looking good because investors are looking forward to the Federal Open Market Committee (FOMC) minutes that are coming out soon. The market is also going up because of rumors about the approval of a Bitcoin Spot ETF and other positive events.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Krzysztof Kubicki/Pexels