A leading analyst suggests XRP could now reach high profit levels at $6.15 and $26.60 after successfully hitting four key targets.
A market analyst has confirmed that XRP has successfully reached four of its previously established price targets during its recent upward trend, signaling strategic levels for profit-taking.
Following Donald Trump’s election victory in early November, XRP experienced a remarkable bullish surge, skyrocketing over 283% by the end of that month and sustaining this momentum into December.
Despite a minor correction that saw XRP dip from a high of $2.90 to around $2.42, it has still managed to gain an impressive additional 24%.
Analysts, including Cryptobilbuwoo, remain optimistic, suggesting that the rally is far from over and anticipating further growth.
XRP’s Impressive Rally
According to Cryptobilbuwoo’s latest analysis, a parabolic curve pattern appears to be influencing XRP’s price movements.
The analyst noted that XRP achieved four significant targets since its rally began on November 5. These targets include:
- $0.64, which was surpassed on November 12
- $0.915, reached on November 16
- $1.13, successfully claimed on November 17
- $1.612, achieved on November 23
With these milestones in mind, Cryptobilbuwoo is eyeing $3.30 as the next target, followed by ambitious levels of $6.15 and $26.60, which he identifies as key profit-taking points.
He even suggests that more speculative targets could reach as high as $589.
His analysis indicates that the parabolic structure supports the ongoing bullish trend, but XRP must maintain a price level above $2 to continue this trajectory.
Indicators of Continued Growth
In a similar vein, analyst Levi has drawn a comparison between XRP and Tesla’s stock, noting that Tesla experienced a prolonged period of stagnation before its dramatic rise following the resolution of an SEC lawsuit.
Levi believes XRP has undergone a similar suppression over the past seven years due to regulatory challenges with the SEC, a sentiment echoed by various industry experts.
Levi posits that XRP could sustain its upward momentum and potentially reach new all-time highs.
He emphasizes the importance of patience for long-term holders, who may see substantial rewards as the market evolves.
Additionally, market commentator Harry highlighted that XRP has yet to retest its monthly breakout levels, which are crucial support zones.
Currently trading between its 2017 weekly and monthly all-time highs, XRP is positioned for potential upward movement.
Harry noted the necessity of strong buy-side pressure and mentioned a consolidation pattern forming a flag; if this flag breaks upward, it could trigger a significant rally.
As of now, XRP is trading at approximately $2.57, reflecting a 3.8% increase over the past 24 hours, signaling continued investor interest and confidence in the token’s future performance.
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Also Read: AI Now Provides Best Short Term And Long Term XRP Scenario
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