Currently, the possibility of XRP reaching $5 by the end of December 2024 is ambitious but not entirely impossible, depending on several important factors:
1. Bullish Trend and Market Sentiment: XRP has shown significant bullish momentum in the past few months, with its price increasing by 90% in the past 90 days. This is supported by increasing positive sentiment among large investors and a supportive regulatory narrative, such as the possibility of an ETF for XRP.
2. Technical Indicators: Technical analysis such as RSI, SMA, and MACD show a positive trend for XRP. However, there are signs that the market may experience a short-term correction as indicators such as RSI are in overbought levels.
3. Fundamental Factors: Institutional adoption and increasing trading volume of XRP provide significant impetus. If there is a major catalyst such as positive regulatory developments or new partnerships, this could push the price higher.
4. Key Obstacles: The current resistance level of around $2.64, and a potential correction to $1.75 or lower could be obstacles to further upside. In addition, whale activity (selling by large XRP holders) can depress the price.
Although the bullish trend is ongoing, reaching $5 within a month requires a major push based not only on technical analysis but also fundamental factors or big news. As an investor, it is important to monitor the price movement carefully and consider the risk of high market volatility.
