An expert believes that XRP now reaching $2 is a certainty, while prices between $8 and $20 are seen as inevitable.
XRP has recently made a significant comeback in the cryptocurrency market, successfully surpassing the $1 threshold for the first time in three years.
On November 30, it reached a peak of $1.93 before experiencing a slight pullback, currently consolidating around $1.46.
Despite this minor retracement, experts are optimistic about XRP’s future, with many believing that a rise to $2 is imminent, and some even projecting long-term targets between $8 and $20.
Analyst Insights on XRP’s Path to $2
Angel investor and crypto analyst Armando Pantoja has provided a positive outlook for XRP, highlighting its impressive performance in November, which saw an astonishing increase of over 200%, climbing from under $0.50 to above $1.60.
Pantoja pointed out strong technical indicators that suggest further growth is on the horizon, emphasizing notable whale activity and a shift in market sentiment as key drivers behind the rally.
Despite these gains, Pantoja noted that XRP’s Moving Average Convergence Divergence (MACD) indicator is stabilizing rather than showing signs of overheating.
The Relative Strength Index (RSI) also remains below overbought levels, indicating that the upward trend could continue sustainably.
He identified the $1.60 price point as a crucial resistance level; if XRP can break through this barrier, it may face minimal opposition in reaching $2, potentially fueled by fear of missing out (FOMO) among traders.
Long-term price targets of $8 to $20 are deemed plausible based on historical performance and market projections.
Key Resistance Levels
Another analyst, Dark Defender, outlined important short-term resistance levels for XRP.
His analysis of a 4-hour XRP chart revealed that the Fibonacci level at $1.44 serves as critical support, which XRP has maintained successfully.
He argued that this stability positions the cryptocurrency for further upward movement toward $1.63, the next major resistance point.
Dark Defender also pointed out potential resistance at $1.88 and $1.96.
He noted that XRP benefits from strong support within the Ichimoku cloud, which enhances the likelihood of continued gains.
He suggested that maintaining support above $1.44 could act as a springboard for an extended rally, and breaking the $1.96 level could trigger a significant price surge, a viewpoint echoed by veteran trader Peter Brandt.
Symmetrical Triangle Pattern
Analyst Mikybull has identified a symmetrical triangle pattern on XRP’s 4-hour chart, indicating a phase of consolidation.
He noted that a similar pattern emerged earlier this month after XRP crossed the $1 mark, resulting in five days of sideways movement before rallying to $1.63.
Mikybull believes that the current triangle pattern, formed after XRP’s recent peak, could signal another breakout, aiming for the $2 range.
A Bullish Consensus
The overall consensus among analysts is clear: maintaining support at $1.44 and overcoming resistance at $1.63 are crucial for XRP’s continued ascent.
These technical levels are seen as potential catalysts for further growth, with the $2 target firmly within reach.
As the cryptocurrency market continues to evolve, XRP’s ability to sustain its rally will hinge on both technical indicators and market-driven factors.
XRP is currently trading at $1.93.
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