Analysts now predict XRP will soon rebound following recent dip into another tremendous price after its recent pullback.
Several cryptocurrency analysts are signaling that XRP is on the verge of a significant price movement following its recent decline.
Over the past 24 hours, XRP’s price has dropped by more than 11%, falling from $1.45 to $1.29.
This downturn has negatively impacted its weekly performance, as the asset is now down 23% from its recent multi-year peak of $1.6216.
This decline echoes Bitcoin’s recent drop from approximately $99,000 to just above $90,500.
Despite this bearish trend, analysts are optimistic about a potential bullish reversal for XRP after a four-day downtrend.
One analyst, Crypto Scofield, shared insights on X, suggesting that XRP is nearing a breakout as it approaches the apex of a symmetrical triangle formed by its recent price action, particularly following its peak on November 23.
In another analysis, Zeltima noted that XRP’s daily chart is likely to form a dragonfly doji, which is considered a strong bullish indicator, especially given the ongoing downtrend.
He observed recent candlestick patterns, including a gravestone doji, a hammer, and a long-legged doji, and argued that today’s candlestick is poised to be a dragonfly doji.
He challenged skeptics by asking, “How can you be bearish right now?”
Since hitting a low of $1.29, XRP has rebounded to around $1.45 at the time of writing.
Technical analyst Charting Guy also weighed in, providing an update on XRP’s wave count to predict its future trajectory.
He noted that he correctly identified the wave 2 low at $0.38 back in July and believes that the wave 3 forecast is currently unfolding as anticipated.
According to his analysis, XRP has just completed wave 3 of 3 and is now undergoing a minor correction in wave 4 of 3.
This pullback is expected to precede wave 5 of 3, which he believes could propel XRP into a price discovery phase, targeting a range between $3.80 and $4.20.
Looking ahead, Charting Guy anticipates a broader wave 4 correction that could bring prices down to around $2, followed by the final wave 5, which he projects could lead to long-term targets between $8 and $13.
These developments are expected to unfold over the course of 2025.
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