XRP Price Shows Potential for 490% Surge Amid Market Correction
The cryptocurrency market is undergoing a price correction, with Bitcoin (BTC) and Ethereum (ETH) declining by 2.2% and 4.6%, respectively. In contrast, XRP has shown signs of potential growth, currently trading at $2.21, reflecting a nearly 5% increase in the past 24 hours and finding solid support just below its current price.
XRP's upward trend began on November 5, coinciding with President-elect Donald Trump's re-election.
$10.82 Target for XRP Price Based on Historical Patterns
Analysts are optimistic about XRP's future, particularly due to the Bollinger Bands, a volatility indicator that is currently tightening on the 12-hour chart. Analyst Steph highlighted that previous occurrences of this pattern led to a significant 490% price surge for XRP.
If similar patterns repeat, XRP could reach a new all-time high of $10.82, far exceeding its previous peak of $3.40 from January 2018. Another analyst, Javon, suggested that if XRP follows its last full bull cycle, it could see an increase of over 600%, potentially reaching around $168.
This projection relies on XRP surpassing the 2.414 Fibonacci Extension level of $3.06 from the previous cycle. However, some analysts maintain a more conservative view.
Key Levels: $2.42 and $2.92
DarkDefender observed a clear break in the daily chart, predicting a retest of the $2.42 level before breaking through $2.92. If successful, targets of $3.43 and $5.85 may be achievable. DarkDefender previously targeted $2.72, which XRP successfully bounced back from, confirming the analysis' validity.
Despite varying opinions on the extent of the surge, analysts generally agree that XRP is likely to achieve a new all-time high soon. This optimism is bolstered by potential regulatory changes under the incoming Trump administration, which promises a new regulatory framework for digital assets in the U.S., potentially resolving ongoing legal issues between Ripple Labs and the SEC that have impacted XRP's price.
