A meme coin has skyrocketed by 270% in November, far exceeding market expectations, as if it is about to ignite a financial storm! And now, this coin—XRP—is standing at a new crossroads. Can it continue to soar in December and break through $5? 🚀
Despite the shadow of a market pullback looming at any moment, XRP seems to remain largely unaffected, with today's price rising again by 1.67%, showcasing its remarkable resilience!
However, is there a crisis hidden behind the prosperity? XRP's recent surge has indeed slowed down, with trading volume plummeting by 38% to $11.4 billion. Does this mean that the bell for a pullback is about to ring, choking XRP's dream of hitting $5 in its cradle?
Let's dive deeper. XRP's price movement is indeed eye-catching, with a weekly RSI indicator reaching 88, deep in the overbought zone. This seems to suggest that a pullback is a natural and healthy step for XRP to find solid support for the next round of upward movement. However, the well-known anonymous analyst Egrag Crypto has a different view!
He pointed out that XRP has recently broken through the symmetrical triangle pattern formed since mid-2017, which is strikingly similar to the breakout trend in early 2017. Therefore, he boldly predicts that XRP's target price could reach $5.30, soaring about 180% from the current price!
However, Egrag has also issued a warning: just as there was a significant pullback after the surge in 2017, XRP may repeat a similar pattern this time. He predicts that after reaching its peak, XRP could see a 63% retracement, with prices plunging below $2! 😱
So, will this rise cycle of XRP be completely different from the last? Especially considering that the anticipated regulatory changes (such as policies during the Trump administration) have yet to materialize, has XRP's fundamentals been overstated?
So, how far can XRP's recent surge go? Can it really break through $5 in the coming months? This will depend on market sentiment, technical factors, and changes in regulatory policies. It is these uncertainties that make XRP's trajectory dramatic.
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The above content is for informational sharing only and does not constitute any investment advice! Investment carries risks, and one should be cautious when entering the market!
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