From $2 to $11: Renowned Analyst Predicts Next Big Move for Ripple (XRP)
XRP has rebounded from its recent drop below $2, but it may still not be out of the woods.
However, a well-known cryptocurrency analyst suggests that a potential drop back to that level could actually benefit XRP's long-term price trajectory.
Ripple's cross-border token surged significantly after the U.S. elections, at one point skyrocketing threefold to nearly $3. All these gains were achieved within a few weeks, but the asset lost momentum at the beginning of December.
In the following weeks, it experienced multiple significant declines, with the most recent dip below $2 occurring last Monday — December 30. This happened during the latest overall market pullback.
However, this popular crypto asset reacted well to the downturn, rising over 20% since then, currently around $2.45. As a result, XRP has reclaimed its status as the third-largest cryptocurrency by market capitalization, surpassing Tether's USDT.
According to analyst Ali Martinez, XRP remains below the strong resistance level of $2.73, which has repeatedly prevented its price from rising during this rebound. If the asset fails to overcome this resistance soon, it may fall back to $2.05.
However, Martinez actually believes that such a scenario could be a good omen for XRP, potentially pushing it to new all-time highs above $3.4 (according to CoinGecko data), and climbing all the way to $11.
It can be said with certainty that $11 sounds quite unusual for XRP. Such a price would push the asset's market capitalization above $600 billion, which would help it surpass Ethereum in terms of market value. While this seems possible under a more Trump-friendly administration, it still appears far-fetched, falling into the realm of exaggerated price predictions.
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