A notable market commentator sees XRP rallying to a three-figure price level after its breakout from a multi-year consolidation phase.
Notably, XRP broke out of this 5.5-year consolidation following its 283% increase in November. As the rally spilled into December, XRP now faces persistent price struggles, retreating from its recent high of $2.9 on Dec. 3.
Following weeks of a range-bound price action between $2 and $2.6, XRP saw a sharp drop to $2.15, influenced by a broader market downturn after the Federal Reserve’s interest rate cut of 0.25%.
The $251 Target
Despite these setbacks, analysts remain optimistic. Market analyst Amonyx noted that the November breakout from the 5.5-year consolidation phase confirms XRP’s potential for massive upward momentum.
Amonyx compares this breakout to a similar move in March 2017. For context, after a 4-year consolidation phase, XRP soared 284% in March 2017, breaking above this pattern. This run preceded an extraordinary rally of nearly 60,000%, from $0.0055 to its all-time high of $3.31 in January 2018.
Amonyx predicts that this rally could repeat in 2024. He expects an eventual surge to an ultimate target of $251, corresponding with the 161.8% Fibonacci retracement level. Such a move would mark a 50,100% increase from the $0.50 price at the start of November 2024. However, most investors find it rather ambitious.
Notably, XRP must first recover from the recent correction, and this recovery push could receive strength from growing demand. Market commentator Ali Martinez confirmed recently that whales procured about 30 million XRP in 24 hours amid the recent dip.
Bullish XRP Commentaries
Interestingly, other prominent analysts echo Amonyx’s bullish outlook. For instance, CryptoBull believes XRP is nearing the end of a correctional phase, which could conclude within the week. He forecasts an initial surge to $6 shortly after this phase is completed.
Also, Michael van de Poppe, a veteran market analyst, remains optimistic about XRP’s role in the crypto market. In a report earlier this month, as XRP soared toward the higher end of $2, he viewed the altcoin as a leading indicator for altcoin market strength.
The market analyst noted that XRP’s explosive moves often trigger similar gains across other cryptocurrencies. Van de Poppe expects XRP’s rally to initiate a broader altcoin season, reinforcing its influence on market dynamics.
Meanwhile, technical analyst EGRAG recently noted that it would be bullish if XRP closes above $2.3 on the 3-day chart. He identified $2.62 as the next critical level. A close above this threshold could trigger a fully bullish formation. However, XRP closed the 3-day candle at $2.23, but currently trades for $2.3 amid a 3.7% rise today.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
