After the U.S. elections, 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 breakthrough?
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. In the past 24 hours, XRP's 6% rise seems to be a continuation of the upward trend that began on December 2nd. At the time of writing, XRP is trading at $2.58, a price that the third-largest cryptocurrency has not seen in six years.
XRP's 24-hour price candlestick chart shows its price significantly rising above $2.80 on December 3, 2024. With its bullish momentum, is XRP moving towards the $5 threshold? 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 above $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 yet to formally confirm its approval.
XRP also needs to overcome challenges reflected in its on-chain metrics that are hindering its climb to $5.
