2024-12-6 20:30 |
Following a massive leg-up in the price of XRP, optimism towards the altcoin’s future performance is growing significantly within the community, as evidenced by several bullish predictions from crypto analysts concerning its potential for more upside, possibly to a new all-time high in the ongoing market cycle.
Similarities Between XRP’s Current Trend And Past Market TrendGiven XRP’s substantial growth in the past few days, speculations about its next price direction have emerged sharply. However, Master Kenobi, a market expert and investor, has shared insights on the discussion, underlining that the altcoin might be moving in alignment with past performances that led to the formation of its present all-time high price.
After a careful examination of the weekly chart of XRP in order to determine its next possible trajectory, Master Kenobi highlighted that the asset started pumping in the current cycle about 204 days after the Bitcoin Halving event. Meanwhile, in the last 2 market cycles, it took the altcoin 224 days before experiencing a notable pump, which validates the market acceleration he had previously mentioned.
As a result, the expert claims that the current price movement of XRP closely matches the Penultimate bull market rather than the last one, suggesting a similar rally to a new all-time high may be on the horizon. “This provides an interesting foundation for speculating on a similar trajectory,” he stated.
Since Master Kenobi has disregarded the last bull cycle and extended his focus mainly on the older pattern or penultimate bull market, he has pointed out key and confirmed factors that show that this ongoing cycle is mirroring the trend in 3 distinct stages.
For the first stage, he has warned of a decline in the coming days, probably as low as $1.39, following its recent tremendous pump. In the second stage, Kenobi believes that a new rally could emerge after this correction once the price interacts with the white trendline indicated in his chart, which, in this case, might push the altcoin‘s value to the $8.1 milestone.
Furthermore, after reaching the $8.1 price level, the last stage contends a lengthy consolidation phase is likely to occur prior to the final pump in the next 200 days, whereby the asset could surge close to the $11 mark around mid-October next year.
A New Peak Possible This Cycle?XRP continues to see strong confidence from the crypto community. Jack The Ripper, an analyst and developer, has expressed his stark optimism toward the altcoin, predicting that it could reach a minimum value of $10 in 2025.
While Jack The Ripper expects the asset to hit the level by 2025, another market expert, KingXR,P claims that the $10 level might materialize within the next 2 days once it breaks out from a bullish triangle pattern. In a broader outlook, the expert foresees the altcoin to be priced at $54 over the coming days.
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