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Following a recent decline in mid-December, XRP is now showing signs of recovery, with technical analysis pointing towards strong potential for further growth. With a current value hovering around $3.23, XRP has emerged as one of the top-performing cryptocurrencies in the market, boasting a remarkable 43% increase over the past month.
This surge in price has propelled the second-largest Altcoin in the market to a seven-year high, edging closer to its previous peak of $3.40 back in 2018.
Predictions of Price Increase for XRP
In a recent update on social media platform X (Formerly Twitter), market analyst Ali Martinez highlighted the significance of XRP 's breakout from a month-long consolidation phase between $1.90 and $2.60. Martinez pointed out that this breakout occurred within a symmetrical triangle pattern on the weekly chart, indicating a positive trend for the altcoin.
The analyst has set a potential price target of $15 for XRP , signaling a massive increase of over 365% from its current price.
Backing up this optimistic outlook, XForceGlobal has proposed a range of final price targets for XRP , with estimates ranging from $7 to $12, and more ambitious predictions reaching $20 to $40. The analysis also outlines two potential scenarios for the altcoin's price:
Slower Route: Anticipates a five-wave minor degree followed by a wave 1-2 pullback, creating a favorable setup for future growth.
In this phase, a controlled pullback could pave the way for more bullish action. Despite a potential deeper correction, this route offers long-term holders the promise of significant rewards.
Faster Route: Suggests that the current ascent could be part of a larger primary wave 5, leading XRP to price levels of $7 to $12, hinting at a possible end to the current bull market.
Expert Cautions About Potential Correction by March
Despite the positive forecasts, experts like Egrag Crypto warn investors to stay alert, predicting a significant market correction by March 2025. However, the expert notes that the Relative Strength Index (RSI) remains bullish, indicating room for short-term growth. Egrag anticipates XRP could reach prices between $4 and $5 before any potential downturn.
XRP is currently at a crucial juncture, with its future trajectory set to redefine its position in the market. Regardless of the route taken, holders of XRP can look forward to a promising future, as long as they navigate the expected volatility with caution.
At present, the altcoin has seen a minor 1.3% decrease in the last 24 hours, trading at $3.23.
Featured image from DALL-E, chart from TradingView .com
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