Market analysts are increasingly optimistic about XRP’s performance, with some suggesting it may never drop below $2 again. Following a remarkable bull market run, XRP closed November with a staggering 283% gain—the highest monthly growth in seven years—firmly establishing itself above the $2 level.
XRP’s Resilience Above $2
As December begins positively, analysts like EGRAG predict that XRP bulls will defend against significant price drops. EGRAG’s recent analysis asserts that the market may have seen the last of XRP below $2. After surpassing $2 on December 1, XRP surged to a high of $2.90 two days later. Though it has since corrected to $2.58, it continues to find support at $2.50, maintaining its bullish momentum.
EGRAG anticipates XRP will post its highest yearly close in 2024. Up by 313% year-to-date, the analyst expects further upside in December. If the current momentum persists, $2 could solidify as XRP’s new macro support, replacing the long-held $0.50 level.
This would provide a foundation for future rallies, including the possibility of reclaiming its all-time high above $3.30. EGRAG praised investors who secured XRP below $2, predicting their early entry will become a historic milestone in the cryptocurrency market.
Bullish Patterns on the Chart
Veteran analyst Raoul Pal, once skeptical of XRP, now acknowledges the strength of its chart, describing it as “good-looking.” The monthly chart reveals a wedge pattern that has guided XRP’s price since its January 2018 high of $3.31. Pal likened the current setup to a similar wedge formation between December 2013 and March 2017, which preceded a 5,600% rally.
XRP broke out of its current wedge with November’s 283% surge. While Pal believes a repeat of the 2017 rally is unlikely, he still expects significant upside potential. Notably, Pal recently apologized to the XRP community for his earlier bearish outlook, admitting that the asset’s latest rally proves its resilience and market relevance.
Currently trading at $2.58, XRP is up 2.74% today, continuing to draw attention from investors and analysts alike.
Conclusion:
XRP’s recent surge past $2 has reinforced bullish sentiment, with analysts predicting the level could become a long-term support. Coupled with historical patterns and growing market confidence, XRP seems poised for further growth. While past performance doesn’t guarantee future results, the ongoing momentum signals a strong foundation for upcoming price action.
Anthony Pedro
Anthony Pedro is a seasoned crypto writer with a deep passion for blockchain technology and digital currencies. With over 4 years of experience in the cryptocurrency space, Anthony has become a trusted voice, offering insightful analysis and commentary on the latest trends, innovations, and market movements. When not writing, he is actively engaged in the crypto community, attending conferences, advising blockchain startups, and experimenting with new projects.