XRP is capturing significant attention from market analysts, with emerging technical indicators suggesting a substantial price trajectory.
Renowned market commentator Steph is Crypto (@Steph_iscrypto) has recently highlighted a critical technical pattern that could signal a transformative moment for the digital asset.
This ‘W’ pattern could send #Xrp to $35 pic.twitter.com/PbYFzPhdyY
— STEPH IS CRYPTO (@Steph_iscrypto) December 11, 2024
Technical Chart Formation Reveals Promising Signals
Examining the monthly price chart, the analyst identified a W-shaped pattern that spans several years. This formation traces back to the cryptocurrency’s notable price movements between 2017 and 2024 and shows the potential for a massive move in the immediate future.
The pattern’s origins can be traced to XRP’s remarkable journey from June 2017, when the asset traded at approximately $0.20, subsequently surging to an all-time high of $3.84 in early 2018. Following this rally, the cryptocurrency experienced significant corrections, dropping to $0.11 in March 2020 before recovering to $1.96 by April 2021.
Another substantial market correction occurred in 2022, particularly after the Terra ecosystem’s collapse, which pushed XRP to a low of $0.28 in June of that year. The recent market movements in November 2024 have been interpreted as the completion of this intricate W-shaped technical formation.
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Price Projection and Market Expectations
Steph’s market analysis suggests XRP could be positioned for a substantial rally to $35. While the projected target might seem ambitious, some market commentators believe it is within the realm of possibility.
At its current trading price of $2.34, reaching $35 would represent a massive 1,395.7% increase. This projection has naturally generated considerable debate within the cryptocurrency investment community. Critics argue that such a valuation would inflate XRP’s market capitalization to approximately $1.9 trillion, which they consider highly speculative.
Ralston Maximus, another prominent cryptocurrency analyst, recently called out a critic in the crypto community who described XRP’s chances to reach $35 as ridiculous. Other experts have also predicted targets much higher than $35, showing the confidence the most trusted voices in the crypto world have in XRP.
XRP’s recent performance has also bolstered the confidence of investors. Although the asset has experienced some volatility over the past 24 hours, it is currently up over 110% from last month, and bullish patterns like the W pattern highlighted by Steph show that this bullish momentum is expected to continue.
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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