XRP has caught the attention of market analysts after breaking out of a 5.5-year consolidation phase. Despite recent setbacks, optimism remains strong regarding the asset’s long-term prospects.
The cryptocurrency witnessed a significant price increase of 283% in November 2024, marking a decisive breakout from its prolonged consolidation phase. However, this upward momentum faced challenges in December, as XRP retreated from a recent high of $2.9 on December 3.
The asset subsequently entered a period of range-bound trading between $2 and $2.6, before dipping to $2.15 following a broader market decline triggered by the Federal Reserve’s 0.25% interest rate cut.
A Bold XRP to $251 Prediction
Market analysts have highlighted the significance of XRP’s breakout and its potential for a substantial rally. Amonyx, a well-known market commentator, compared this recent move to XRP’s behavior in March 2017.
At that time, the asset also broke out of a multi-year consolidation phase, climbing 284% before embarking on a historic rally of nearly 60,000% from $0.0055 to an all-time high of $3.31 in January 2018.
Amonyx predicts that history could repeat itself, with XRP potentially surging to a long-term target of $251. This figure corresponds with the 161.8% Fibonacci retracement level and represents a staggering 50,100% increase from XRP’s starting price of November 2024. Despite the ambitious nature of this prediction, it has sparked considerable interest within the crypto community.
If you’re not mentally ready for this,
you can’t blame anyone. #XRP
pic.twitter.com/HaTlvRE62o
— Amonyx (@amonbuy) December 18, 2024
Whale Activity and Market Demand
Amid XRP’s recent price struggles, demand appears to be growing among large investors. Market commentator Ali Martinez recently reported that whales purchased approximately 30 million XRP in just 24 hours, indicating a strong vote of confidence during the asset’s dip.
This accumulation suggests that significant market players remain optimistic about XRP’s potential to recover and resume its upward trajectory.
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Bullish Perspectives on XRP
Several prominent analysts share Amonyx’s optimistic outlook. CryptoBull, for instance, has identified XRP’s current corrective phase as a temporary setback, expecting it to conclude within the week. According to the analyst, XRP could climb to $6 once this phase ends.
Veteran analyst Michael van de Poppe has also expressed confidence in XRP’s role as a market leader. As the cryptocurrency surged toward $2 earlier this month, van de Poppe described XRP as a “leading indicator” for altcoin market strength.
He believes XRP’s performance could set the stage for a broader rally across the altcoin market, potentially sparking the next altcoin season.
Additionally, technical analyst EGRAG highlighted the importance of XRP closing above $2.3 on the 3-day chart. While the asset fell short, closing at $2.23, it has since risen to $2.3 recording a 1% daily gain. EGRAG identified $2.62 as a critical level to watch, noting that surpassing this threshold could solidify a bullish formation.
As XRP navigates its current correction, analysts agree that its future trajectory will depend on several factors, including market sentiment and broader economic conditions. The asset’s ability to recover from recent setbacks and maintain its momentum will be crucial in determining whether predictions of a $251 price level can materialize.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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