XRP’s market performance has ignited a wave of optimism, with the token exhibiting a solid four-day bullish streak that hints at a momentum shift. Buoyed by steadfast support at the $0.50 level and Bitcoin’s rise to $73,000, the altcoin’s surge has fueled bold predictions. One such forecast hints at the cryptocurrency eyeing the ambitious $4 mark as its next likely target.
Forecasting XRP’s Path to $4
Amid the recent surge in optimism surrounding the XRP token, market experts are optimistic, with many projecting an interesting price trajectory for the altcoin in the much-anticipated bull run. One renowned crypto analyst, TheWallstreet Bull, took to X to share his forecast, implying the XRP cryptocurrency might soar between $4 and $6 if market favorable market conditions hold in the long term.
Such a leap could mean an increase of 657% to 1,036% from its present price, painting an irresistible picture for investors eyeing huge returns. Other projections echo this optimism, with some suggesting the token could be poised for its most substantial rally yet. For instance, analyst STEPH IS CRYPTO points out that the altcoin’s price often spikes in times of global liquidity surges, referencing rallies in 2017-2018 and again in 2020-2021.
#Xrp is primed for its biggest explosion yet!
Liquidity surges ahead—2017, 2021, and now 2024-2025.
Don’t miss the next massive wave! pic.twitter.com/Qk9g4j1LuH
— STEPH IS CRYPTO (@Steph_iscrypto) October 29, 2024
Given that another liquidity surge is anticipated around 2024-2025, STPEPH believes XRP could be gearing up for a similar rise. Adding to the bullish sentiment, AIM Buster shared a technical analysis showing XRP consolidating within a large symmetrical triangle pattern nearing its peak.
He highlighted that a breakout from this prolonged pattern could result in a “BIG BIG BIG” move, likely propelling the cryptocurrency on a swift upward trajectory. If market forces align, this could catalyze the long-awaited breakout, putting these ambitious $4-$6 targets within reach.
Short-Term Dynamics and Market Challenges
Despite this rosy outlook, XRP’s short-term performance shows a more tempered recovery, lagging slightly behind Bitcoin’s momentum on the daily charts. Currently, the ADX reads 16.41, indicating that the token’s trend strength remains relatively weak. To solidify its upward trajectory, the altcoin must first overcome key technical levels that could signal a more potent rally.
The first step would be crossing the $0.5629 mark, aligning with the 38.2% Fibonacci retracement level. If the XRP token can conquer this threshold, it might pave the way to reverse recent losses and catalyze further buying interest. Beyond this point, the cryptocurrency faces three formidable resistance levels to reclaim $1.
The initial barrier lies at $0.6655, with a subsequent major resistance at $0.7484—an area where XRP has struggled to break through this year. Finally, the last resistance before the $1 psychological threshold is $0.8549, a level the token has remained below for nearly three years. Successfully breaking above $1 could usher in a new wave of bullish sentiment, potentially setting the stage for a further rally.
At the same time, the cryptocurrency has two key support zones anchoring its current price. The first, at $0.5075, is likely to see buyer activity and help maintain stability if tested. Should the altcoin fall below this, it will encounter its final support level at $0.4887, where buyers may step in to prevent further declines.
Also Read: Bitcoin Soars to $73K: Can BTC Hit a New ATH of $82.3K?
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