Originally published on: December 03, 2024
XRP has seen a remarkable turnaround, wiping out years of losses in just a few weeks, skyrocketing by over 400% following Donald Trump’s reelection. Surging to $2.50 on December 2nd, XRP is now trading at its highest level since February 2018.
The current XRP/USD daily chart signals potential consolidation or correction as its relative strength index (RSI) surpasses 70, indicating overbought conditions. Despite these warnings, traders remain bullish, riding the momentum of this parabolic rally.
Drawing parallels to its 2017 explosive run, XRP has broken out of a multi-year symmetrical triangle pattern, displaying similarities in price movement. Breaching key Fibonacci levels, including $0.96, $1.46, and $2.25, XRP seems poised for further gains, potentially reaching its previous all-time high of $3.55.
Jacob Canfield, a prominent cryptocurrency trader, predicts a bullish outlook for XRP, foreseeing a potential 100% increase from its previous peak. Applying Fibonacci extensions and comparing performance to Bitcoin in 2017, Canfield suggests a significant upward trajectory for XRP.
While the future looks promising for XRP, investors should remain cautious of a possible price correction in the near future. Historical data indicates a sell-off zone at current levels, which could trigger a bear cycle. It’s crucial for investors to conduct thorough research and analysis before making any investment decisions.
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