Fun

XRP Downtrend Is Only Temporary: Analyst Gives Reasons Why Price Is Headed For $3.2

News Feed - 2024-12-06 12:12:00

Este artículo también está disponible en español.


The XRP price has witnessed a significant correctionafter rallying to as high as $2.9 this week. This has raised speculations about whether the recent rally is over, but crypto analysts MadWhale has indicated that XRP still has more room to move to the upside.  Analyst Explains Why XRP Price Is Headed For $3.2


In a TradingView post, MadWhale explained why the XRP price is headed for $3.2. The analyst noted XRP’s significant trading volume and the stock’s prolonged underperformance compared to other cryptos. Indeed, XRP experienced a prolonged period of stagnationwhile other coins experienced significant gains.  Related Reading Bitcoin Price To $100,000: Why Reclaiming The $96,400 Level Is Very Important For Another Rally 22 hours ago Source: TradingView


MadWhale stated that this extended period of stagnation has left the stock highly compressed and ready for a potential breakout. The analyst added that fundamental and technical analysis point to a favorable outlook, with the chart indicating strong upward potential. In line with this, he anticipates that the XRP could revisit its current all-time high (ATH) and even higher targets. 


The XRP price has cooled off and retraced in the last 24 hours, following its parabolic rally in the last couple of weeks. Crypto analyst Dark Defender had predictedthat this correction would likely happen. He stated that he expects XRP to range between $2.13 and $2.92 for a few days before it continues its upward trend. 


Like MadWhale, Dark Defender also offered a bullish outlook for XRP, predicting that the crypto would rally to the mid-target level of $3.9993 next. Such a rally will mark a new ATH for XRP, as its current ATH is $3.8. 


Meanwhile, in a recent analysis, crypto Egrag Crypto stated that a bounce from $2.19 would lead to higher highs and cause XRP to continue its bullish momentum. Egrag Crypto is confident that the XRP price will rally to double digits in this market cycle.  The Road To $3.99


In his most recent X post, Dark Defenderprovided an update on XRP’s projected rally to $3.99. The analyst noted that the XRP price has continued to move the Fibonacci levels. He reaffirmed that this recent correction was expected. The crypto analyst added that these side moves can last a little bit more.  Related Reading Dogecoin Price Continues Trading Sideways But Bullish Pennant Says Get Ready For $1.30 1 day ago Source: TradingView


The crypto analyst also provided insights into key levels to watch out for while the XRP price ranges. He highlighted $2.13 and $2.27 as support levelsfor XRP and $2.92 and $3.99 as the targets for the crypto. A reclaim of the $2.92 target, which is a Fib level, indicates that the crypto is ready to continue its upward trend. 


At the time of writing, the XRP price is trading at around $2.30, down over 12% in the last 24 hours, according to datafrom CoinMarketCap.  Price struggles against bears with sell-off trend | Source: XRPUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com

News Feed

XRP Price Repeating History? 2017-Like Rally To Send Price To $10
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin sats the ‘most valuable digital canvas ever’ — Ordinals artist
Brayden Lindrea3 hours agoBitcoin sats the ‘most valuable digital canvas ever’ — Ordinals artistBitcoin artist “Nuro” recently inscribed his 3D neurogenerative artwork on a $2 million “epic sat” from the la
OpenAI swoops up French and Spanish news partners for AI chatbot training
Savannah Fortis13 hours agoOpenAI swoops up French and Spanish news partners for AI chatbot trainingOpenAI is partnering with Le Monde and Prisa Media to provide French and Spanish news content to ChatGPT, aiming to impr
Lava launches as decentralized lending market to optimize liquidity across blockchains
Zoltan Vardai10 hours agoLava launches as decentralized lending market to optimize liquidity across blockchainsMitigating impermanent loss could help democratize market-making in DeFi, according to Recharge Capital’s J
Amaka Nwaokocha12 hours agoBinance faces calls for ban by Nigerian Bureau De Change associationGwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Invest
Biggest Movers: DOGE, SHIB Slip Following ECB Rate Hike
Biggest Movers: DOGE, SHIB Slip Following ECB Rate Hike Dogecoin and shiba inu fell by as much as 5% in today’s session, as markets reacted to the European Central Bank (ECB) rat
Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound as Global Markets React to Pelosi’s Visit to Taiwan
Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound as Global Markets React to Pelosi’s Visit to Taiwan Bitcoin and ethereum were both trading higher on Wednesday, as global f
Porn Industry Thrives During Lockdown — These Sites Are Cryptocurrency-Friendly
Porn Industry Thrives During Lockdown — These Sites Are Cryptocurrency-Friendly Porn sites have been experiencing increased traffic as the number of people under lockdown or qu
Brazilians may soon need to stump up taxes on crypto held abroad
Derek Andersen8 hours agoBrazilians may soon need to stump up taxes on crypto held abroadThe new rules would make income from crypto held on exchanges outside Brazil taxable at the same rate as local income.5415 Total vi
Solana’s Crypto and Web3 Smartphone ‘Saga’ Available to the General Public on May 8
Solana"s Crypto and Web3 Smartphone ‘Saga’ Available to the General Public on May 8 Solana’s cryptocurrency and Web3 smartphone, Saga, will be available for purchase on M
Trava Knight NFT Open to All, Trava to Expand NFT Rental Marketplace Utilities for Lending Pool
Trava Knight NFT Open to All, Trava to Expand NFT Rental Marketplace Utilities for Lending Pool sponsored Something exciting & sensational is coming for NFT collectors and enthusias
After Overseeing the Largest Monetary Expansion in US History Biden Renominates Powell to Lead the Fed
After Overseeing the Largest Monetary Expansion in US History Biden Renominates Powell to Lead the Fed U.S. president Joe Biden revealed his intent on Monday to re-nominate Jerome