XRP Could Achieve a Double-Digit Value
Renowned market analyst Steph predicts that the cryptocurrency XRP has the potential to surge to $35. His forecast is based on the formation of a W pattern on the monthly chart. Steph, who has remained bullish on XRP since it traded around $0.50, now envisions this ambitious price target becoming a reality.
Formation of the “W” Pattern
Steph's analysis focuses on XRP’s monthly chart, which confirms the completion of the bullish W pattern. At the beginning of 2024, XRP faced challenges before a significant rally in November, partly influenced by Donald Trump’s victory. In November, XRP rose by 283%, followed by a 26% gain in December.
The formation of the W pattern began during the 2017/2018 bull run, when XRP soared to its all-time high of $3.31. After this peak, the price corrected but laid the foundation for the current recovery.
In 2017, XRP climbed from $0.20 to $3.31 within six months.
This was followed by a drop to $0.11 in March 2020.
By April 2021, XRP recovered to $1.96 before collapsing again to $0.28 in June 2022 due to Terra’s implosion.
The recent November rally has now completed the long-awaited W pattern. This structure signals a trend reversal from a prolonged downtrend to an upward trajectory. The key point now lies in breaking above the upper boundary of the pattern, which could pave the way for a massive upward movement.
Is XRP Targeting $35?
According to Steph, this breakout could push XRP’s price to $35. Given the current trading price of $2.47, achieving this target would require a staggering 1,317% increase—an ambitious challenge.
Steph isn’t alone in this view. Market commentator Ralston Maximus also predicted in July 2024 that XRP could reach the $30 to $35 range. He argued that $7 would merely mark the beginning of a more significant bull run.
Skepticism Over High Price Targets
Many investors remain skeptical about the $35 price prediction, calling it highly speculative. If XRP were to reach this level, its market capitalization would surge to an astounding $1.9 trillion.
Despite the doubts, Ralston Maximus insists that this target is reasonable and not exaggerated. If XRP continues to benefit from a favorable market sentiment and the strength of the W pattern, this ambitious prediction may become achievable.
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