Ben Armstrong (BitBoy) highlights a key price level for XRP that could lead to another major rally for the digital asset.
XRP is hovering around $2.23. However, market participants who joined in at the height of its frenzy earlier this month are still down 21% from its seven-year high of $2.87.
However, recent predictions from prominent voices in the cryptocurrency community suggest that the token could be on the verge of a major breakout.
Conditions to be met before XRP price rises to $4.5
In a tweet, Ben Armstrong, a well-known crypto influencer, highlighted the importance of XRP closing daily and weekly candles above $2.75. According to Armstrong, reaching this threshold could pave the way for XRP to rally to $4.50.
It is worth noting that XRP briefly touched $2.72 yesterday after the announcement of Ripple’s long-awaited stablecoin, RLUSD. While some expected this development to be a launching pad for XRP, the asset quickly lost momentum. Notably, this was mainly due to Bitcoin’s decline.
However, BitBoy believes that reclaiming the $2.75 level is the key to further upside for XRP. He previously issued bold timelines for when XRP could eventually hit $4.50, suggesting it could happen by the end of the year.
XRP to build a base above ATH
In addition to the bullish sentiment, crypto analyst 360 Trader has offered a more ambitious outlook for XRP. The analyst believes that XRP is not only on track to reclaim its all-time high (ATH) but is also poised to establish a price base above it.
He claimed that this new support level would serve as a starting point for a “real” XRP bull market move, potentially pushing the token into uncharted territory.
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It is worth noting that at $2.23, XRP is trading 41.14% below its all-time high of $3.84. However, to reclaim this historical value, XRP would need a 49% price increase.
Mixed expectations about XRP
Overall, bullish predictions for XRP continue to gain traction as we head into 2025, with promises of pro-XRP developments such as the potential end of the Ripple lawsuit and the launch of an XRP ETF.
Amid the wait, analysts continue to speculate on the direction of XRP, as the asset has been in a weak price trend for the past two weeks. Meanwhile, skeptics are warning of a potential breakdown to as low as $0.50, pointing to a possible repeat of historical patterns.
Disclaimer: 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 opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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