XRP Price Declines 6.68% Amid Broader Market Pullback
The XRP price is down 6.68% in the last 24 hours, following a broader crypto market pullback. After peaking at $2.75 last week, XRP has corrected over 13% and is currently trading at $2.38, with a market cap of $136 billion.
Crypto trader Ali Martinez remains bullish on XRP, targeting a rally to $48.12. He notes three consecutive bull pennants forming and anticipates a dip retest at $2.25 as a buying opportunity, with a target price of $4.40.
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Courtesy: Ali Charts
Despite a 400% rally in the past month, some analysts view XRP as overvalued. However, Martinez argues it is undervalued after breaking out of a multi-year symmetrical triangle, providing a conservative target of $8.40 and an optimistic target of $48.12.
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Courtesy: Ali Charts
XRP has gained popularity among traders, especially in South Korea, where it has surpassed Bitcoin amid recent political turmoil and the brief introduction of martial law by President Yoon Suk Yeol.
Veteran Trader Turns Bullish on XRP after Previous Criticism
XRP's market capitalization recently broke above a significant triangular consolidation pattern, which veteran trader Peter Brandt described as "the most important" chart in cryptocurrency. Brandt, previously critical of XRP, now supports it after earlier predictions of a price drop.
This the most powerful chart in all of crypto world $XRPUSD pic.twitter.com/UexaPB4D9r
— Peter Brandt (@PeterLBrandt) December 7, 2024
Following updates in the Ripple vs. SEC case, legal experts have shared insights on the Appeal Court notice. The XRP price surge is fueled by optimism regarding potential changes in SEC leadership and excitement for an XRP ETF. With the token now 25% shy of its all-time high, market sentiment suggests the rally may continue.