Market Analyst Predicts Timeline for XRP to Hit $6
A market analyst has provided a timeline for XRP to reach a price that is almost double its all-time high in 2017/2018.
In recent times, XRP has faced a volatile market environment due to bearish trends triggered by hawkish comments from the Federal Reserve. Federal Reserve Chair Jerome Powell’s recent statements indicated that interest rate cuts in 2025 may be lower than expected. Additionally, legislative restrictions preventing the Federal Reserve from holding Bitcoin have also impacted the cryptocurrency market.
As a result, XRP experienced significant losses, dropping by 9.91% on Wednesday and an additional 3.24% the following day. On December 20, the token fell to $1.96, but it quickly rebounded by 4.35% to $2.37 at the time of writing.
Analysts like CryptoBull believe that this correction is a precursor to a major breakout. CryptoBull has shared a chart showing a symmetrical triangle formation, indicating that XRP may be completing its correction phase.
According to this market commentator, this structure will be resolved within the next week. He predicts that this resolution will drive XRP to a new all-time high of $6 within days of the breakout.
The 1-day chart shows that the symmetrical triangle pattern emerged after XRP’s sharp drop from its seven-year peak of $2.9 on December 3. This pattern typically represents market indecision, with prices consolidating as bulls and bears compete for dominance. With XRP now approaching the apex of the triangle, a breakout seems imminent.
CryptoBull’s chart suggests that the upcoming recovery could allow XRP to retest the upper trendline of the triangle, completing wave D. However, the chart also indicates that this retest will lead to another pullback (wave E), with a potential recovery from this pullback breaking through the triangle’s resistance.
Key price levels to consider in the chart are $2.4 as immediate resistance and $2.0 as major support. If XRP breaks above $2.4, it could test its previous high of $2.9 before aiming for the $6 milestone. CryptoBull believes that $6 could be achieved in the next few days.
In a separate analysis, CryptoBull drew parallels between XRP’s current trajectory and its historic rally in 2017. In March 2017, XRP started a multi-month surge that culminated in an all-time high.
The analyst suggests that XRP is repeating this pattern and has already reached a key target of $1.96. If the pattern continues, CryptoBull predicts that XRP could reach $6.28 by the end of December 2024. Furthermore, he expects a meteoric rise to $40 by the end of January 2025.
Tags: Latest XRP (Ripple) News Today, XRP, XRP Price Prediction
