After the U.S. election, XRP arrived late to the cryptocurrency rebound party across the market, but driven by new favorable market developments, XRP is now beginning its self-redemption.
XRP Price Prediction: Is XRP heading towards the long-awaited $5 breakout?
After experiencing some bearish investor actions and a price stagnation after re-touching the $1 mark, XRP has once again touched green on the price candlestick chart. The 6% rise in XRP over the past 24 hours seems to be a continuation of the rally that started on December 2. As of the time of writing, XRP is trading at $2.58, a price not seen in six years for the third-largest cryptocurrency.
The 24-hour price candlestick chart for XRP shows a significant increase in its price, exceeding $2.80 on December 3, 2024. With its bullish momentum, is XRP moving towards the $5 mark? Technically, XRP needs to maintain its upward trajectory above $2.58. If it successfully holds this level, it could push the rebound to a high of $3.57.
In summary, a breakout to $5 for XRP is not impossible. However, the cryptocurrency needs to maintain its current buying momentum under other favorable market conditions. Although the outlook for the RLUSD stablecoin is optimistic, the New York Department of Financial Services has not yet officially confirmed its approval.
XRP also needs to overcome challenges reflected in its on-chain metrics that hinder its rise to $5.
