The Anticipation of a Potential XRP Rally
The value of XRP has been a topic of interest in the crypto space, especially after receiving partial regulatory clarity. While it currently follows the broader market rally, there is a belief that XRP is on the verge of experiencing a surge.
In a recent TradingView post, crypto analyst AlanSantana suggested that XRP could potentially rally by 120% in the next six months. The analysis is based on two correction scenarios that could push XRP to new heights, challenging the highs seen in July during the Ripple and SEC case.
If XRP corrects to around $0.51, it could see an 85% rally within six months. However, if it corrects to lower levels, approximately $0.43, a more substantial rally of up to 120% is possible.
“It can be there because it pierced higher and is producing a retrace, but overall it would be about 50% higher than what we see today or 85% (blue) to 120% (red) higher if one of these correction scenarios becomes the future,” he said.
The chart analysis also revealed a triangle-top pattern, historically indicating temporary declines before upward surges.
XRP’s Next Price Target
Looking beyond the short-term forecast, the analyst suggested a potential long-term price of around $5 based on previous calculations. However, predicting prices becomes more complex during a super-cycle.
“Around $5 is the result of past calculations but you would need to look at around and find the old charts. If we go into a super-cycle it can be something impossible to guess… But the future is bright, expect to see more than anything you can think of or guess,” he said.
The analyst also noted that XRP has the potential to grow even when Bitcoin corrects, demonstrating a level of independence from broader market trends.
Despite gaining regulatory clarity, the SEC case continues to cast a shadow over XRP. There were initial expectations of a significant rally after the court’s decision, but Bill Morgan, a pro-Ripple lawyer, expressed concern about the unusual price movement and its inability to maintain momentum with other cryptocurrencies due to the ongoing legal battle.
Speculation has arisen regarding a potential settlement between Ripple and the SEC after a closed meeting held by the SEC on November 30 to address litigation claims. This has fueled speculation that a settlement may be imminent.
XRP Price Analysis
Currently, XRP is trading at $0.63, with daily gains of approximately 2.77%. On the weekly chart, XRP shows a slight decrease of 0.5%.
From a technical analysis perspective, bullish sentiments dominate XRP. One-day indicators from TradingView suggest a ‘buy’ sentiment at 14, with moving averages signaling a ‘strong buy’ at 13. Oscillators indicate a ‘neutral’ position at 9.
Overall, the prospects of XRP are heavily influenced by the trajectory of the general cryptocurrency market.
Hot Take: The Potential for an XRP Rally
The value of XRP has attracted attention in the crypto space due to expectations of an impending surge. Analyst AlanSantana predicts that XRP could experience a rally of up to 120% in the next six months based on two correction scenarios. This aligns with historical patterns and indicates temporary declines before upward surges. While there is uncertainty surrounding long-term prices during a super-cycle, there is optimism that XRP could reach around $5. Despite ongoing legal battles, XRP has shown independence from broader market trends. The recent closed meeting by the SEC has sparked speculation of a potential settlement with Ripple. However, XRP’s performance is closely tied to the overall cryptocurrency market trajectory.
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