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As XRP recovers from a notable dip in mid-December, technical analysis signals strong potential for further growth. Currently valued at approximately $3.23, XRP is positioned among the most robust performers in the cryptocurrency market, boasting an impressive 43% gain over the past month.
This price resurgence has propelled the market’s second-largest altcoin to a seven-year high, inching closer to its previous price record of $3.40, set in 2018.
Bullish Projections For XRP Price
In a recent social media update on X (Formerly Twitter), market analyst Ali Martinez highlights the significance of XRP’s recent breakout from a month-long consolidation phase between $1.90 and $2.60.
Martinez notes that this price breakout has occurred within a symmetrical triangle pattern on the weekly chart, suggesting an optimistic trajectory for the altcoin.
The analyst projects a possible price target of $15 for XRP, which would represent a staggering increase of over 365% from its current valuation.
Supporting this bullish outlook, XForceGlobal proposed a range of final targets for XRP, estimating potential prices between $7 and $12, with more ambitious projections reaching $20 to $40 and two potential routes for the altcoin’s price:
- Slower Route: This scenario anticipates a five-wave minor degree into an intermediate degree wave, followed by a wave 1-2 pullback.
If XRP can manage a controlled pullback in this phase, it would create a favorable environment for further bullish action. While this route may involve a deeper correction, the analyst asserts it ultimately promises the greatest rewards for long-term holders.
- Faster Route: In this scenario, the current five-wave ascent may already be part of a larger primary wave 5. While this route could still lead XRP to significant price levels around $7 to $12, it also suggests that the bull market may soon reach its conclusion.
Expert Warns Of Potential Correction March
Despite the optimistic projections, some experts, like Egrag Crypto, caution investors to remain vigilant. Egrag predicts a significant market correction could occur in March 2025.
However, the expert also emphasizes that the Relative Strength Index (RSI) remains bullish, indicating that XRP still has room for growth in the short term. He anticipates that XRP may reach price levels between $4 and $5 before any potential downturn.
All around, XRP stands at a pivotal moment, and its journey from here could redefine its standing in the market. Whether through slower or faster routes, the future looks bright for XRP holders, provided they navigate the anticipated volatility with care.
At the time of writing, the altcoin is down a slight 1.3% on the 24-hour time frame, trading at $3.23.
Featured image from DALL-E, chart from TradingView.com
