XRP Coin staged an astonishing rally for most of November 2024. This allowed the token to enter the overbought zone. The token stopped rising shortly after it broke above $2.80. In fact, it fell to almost $2.20 before stabilising. The original bull run seems to be over for now. However, veteran analyst Ali Martinez says that long-term trends and related analyses still support an ongoing rally for XRP.
Analyst XRP Coin pointed to these levels as a price target!
In particular, Ali Martinez directly opposes the idea that XRP is really overbought. On this basis, he reveals that the November surge in the token’s long-term chart constitutes a significant breakout from the ‘massive’ multi-year symmetrical triangle. A symmetrical triangle is a chart pattern where the support trendline connects lower highs, the resistance trendline is drawn using higher lows, and the two eventually converge at an equal slope.
The pattern itself indicates the continuation of a trend. It is also likely to lead to a shift in either direction. XRP Coin rose from $0.5 in early November to $2.40 on 9 December. This shows a stable bullish breakout. Finally, the analyst estimates that XRP is arguably undervalued. In this context, Martinez gives two price targets for XRP that they see as possible. According to the analyst, XRP has a chance to rise to $ 8.40. He says this is an extremely reasonable forecast. He also says that thanks to the current setup, the token could rise as high as $ 48.12, an increase of 1,888.43%.
A drop and then blue skies?
Moreover, the analyst points out that on 9 December, XRP had three consecutive bull pennants. He also states that the ideal scenario would be a correction to $ 2.25 to ‘buy the dip’. After that, he adds that the immediate next target is $4.40.
Why will XRP Coin return to its former highs in 2025?
Going beyond the technical setup and price history, a continued rally is likely for XRP in 2025. The token is associated with Ripple Labs, one of the largest companies in the industry. Also, despite its continued popularity, its value has plummeted due to a years-long legal battle with the US SEC. The recent rally came after a series of direct and indirect victories. Ripple made significant gains in the courtroom. Donald Trump, who is seen as crypto-friendly, was re-elected. In addition, Gary Gensler confirmed that he will resign as SEC Chairman on 20 January.
Considering that the factors that made the November rally possible are still in play and that a period of consolidation is usually seen after significant rallies, Martinez’s optimistic forecast seems more than reasonable. One possible reason for pessimism, though, could be that XRP owes much of its popularity to Ripple’s stubborn defence against the SEC.
The opinions and forecasts in the article are those of the analyst and are not investment advice. As Kriptokoin.com, we strongly recommend that you do your own research before investing.
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