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XRP Price Pumps 7% On Christmas Eve, Will It Reach Yearly Highs?
The XRP price is currently enjoying a nice recovery, having pumped over 7% on Christmas Eve. Based on several analyses, XRP could be eyeing a rally to its yearly high of $2.91.
XRP Price Eyes Current ATH Following Latest Pump
The XRP price is eyeing a rally to its current ATH following its 7% gains on Christmas Eve. Crypto analyst Javon Marks recently mentioned that XRP’s 4-hour chart is coming off a Hidden Bullish Divergence confirmation.
He added that this suggests that XRP could recover over 30% to its 2024 high of $2.91, which could be on the horizon. The crypto analyst added that a continuation of this uptrend can lead to a new all-time high (ATH).
Marks is confident that this projected rally is a matter of when not if. In anticipation of this rally, Ripple Whales have accumulated 40 million XRP, which also provides a bullish outlook for the crypto.
Crypto analyst CrediBULL Crypto also provided a bullish outlook for the XRP price. He stated that the XRP/BTC chart looks absolutely “fantastic.” He suggested that a parabolic rally was on the horizon while revealing that he was looking to open another long position.
The crypto analyst added that XRP’s chart is still the most bullish looking in the entire space off the lows. He believes that the crypto is just a “powder key building pressure.”
Double Bottom Pattern Adds To Bullish Sentiment
In an X post, crypto analyst CasiTrades stated that the XRP price has essentially formed a double bottom as it bounces around key Fibonacci levels. The analyst added that XRP is now getting a bullish wave.
However, she warned that the crypto is still under $2.38, meaning that it is still technically within this recent price correction. As the Relative Strength Index (RSI) and price climbs, CasiTrades noted that the structure looks promising and that XRP is still on track for the wave, pushing toward D targets around $2.60.
Her accompanying chart showed that the XRP price could reach this Wave D target by December 26. Thus, she remarked that the crypto still has time to achieve this target.
In the long term, a CoinGape market analysis showed that XRP could still reach double digits as it rises to $10. Fundamentals such as the RLUSD stablecoin and a potential end to the Ripple SEC lawsuit support such bullish projections.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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A market analyst has presented a bold projection for XRP price movement, suggesting it could reach as high as $77.7 during the ongoing bull market cycle. This prediction is based on the application of advanced technical tools, including Exponential Fibonacci models and Elliott Wave theory, which are often used to forecast long-term price trends in financial markets.
According to the analyst, conventional linear models fail to capture the compounding nature of crypto price movements, especially during the upcoming altcoin rally.
XRP Price Prediction: Analyst Says $77 Target Possible in Current Bull Cycle
Crypto analyst Dark Defender revealed XRP price could climb to $77.7 during the current market cycle. The forecast is based on the use of Exponential Fibonacci levels, a method he claims is underused in crypto market analysis. He explains that standard linear projections do not reflect the actual growth patterns often observed during accelerated market conditions.
Dark Defender outlines a five-wave impulse structure based on Elliott Wave theory. In his analysis, Wave 3 is positioned as the most explosive part of the cycle. He suggests that the top altcoin rally may first move between $5 and $8 during this wave. A further push toward $18 to $23 is anticipated before the final wave.
Wave 5, the final leg in the structure, is projected to carry XRP price into three-digit levels. His analysis sets the upper range at approximately $77.7, based on the extended Fibonacci measurements. This would mark a substantial increase from current levels and surpass previous highs.
Technical Indicators and Chart Patterns Supporting the Outlook
Dark Defender’s projection includes a review of multiple technical indicators. He references Relative Strength Index (RSI) trends and momentum indicators as supporting factors in his analysis. These tools suggest continued bullish pressure, especially on higher time frames like the monthly chart.
Volume clusters are another factor he incorporates. According to the chart data, strong accumulation zones have formed, typically supporting future crypto rallies. He also notes that current price movements mirror those of previous bull runs, reinforcing the idea of an upcoming altcoin rally.
Chart structures from earlier cycles show similar formations that preceded large price expansions. These historical similarities, momentum signals, and volume behavior form the basis of his extended projection for the XRP price.
Meanwhile, another more bullish analysis projects the Ripple token could cross $1,000 if the partnership with SWIFT leads to the global adoption of XRP for real-time liquidity in cross-border payments. Analysts suggest that such integration would require massive XRP reserves and institutional demand, which could drive the altcoin rally.
Impact of Ripple Lawsuit and Legal Developments
Additionally, analyst Egrag Crypto has also shared a bullish forecast for XRP price earlier on. He places initial targets between $5 and $6, with a possibility of reaching $10. His prediction is partly tied to the recent resolution of the Ripple lawsuit by the U.S. Securities and Exchange Commission, which some believe could act as a catalyst for further gains.
Egrag Crypto’s analysis also uses Fibonacci levels, identifying consistent full-body monthly candle closings above Fib 1.0. He states that this chart’s behavior reflects price strength and momentum. A potential altcoin rally to the Fib 1.618 level, targeting up to $10, remains a possibility according to his analysis.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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The crypto market concluded another week, primarily witnessing major developments surrounding the U.S. FOMC, XRP lawsuit, and Pi Network. While the Ripple community rejoiced in light of the U.S. SEC lawsuit end, the Fed Reserve kept interest rates unchanged. Simultaneously, Pi Network fluxed around the $1 mark this week, triggering a wave of speculation among investors.
Other developments like a SUI ETF filing followed, stirring market optimism globally. Mentioned below are some of the top market updates reported by CoinGape over the past week.
US FOMC Sparks Crypto Market Speculations With Unchanged Interest Rates
The crypto market saw the latest US FOMC in play, with the Federal Reserve deciding to keep interest rates unchanged at 4.25 to 4.5% this week. Nevertheless, speculations of a dovish stance as the year longs persist across the market.
Fed Chair Jerome Powell stated that the inflation outlook is transitory with the Donald Trump-induced tariff in North America. Notably, the Fed appears to be gauging the impact of recent macro dynamics before making a rate cut decision.
BitMex CEO Arthur Hayes further took the stage amid the FOMC decision, stating he believes a rate cut is looming for April 1. In turn, the CEO also anticipated a BTC rally to follow, given that the feat happens. Bitcoin closed the week at the $84K price level, whereas major altcoins mainly prevented downturns.
XRP Lawsuit End: Affirms Ripple CEO
Simultaneously, Ripple’s CEO Brad Garlinghouse proclaimed that the U.S. SEC has agreed to drop the XRP lawsuit this week. While this news offered the Ripple community immense relief, a butterfly effect occurred in the crypto market. The SEC’s stance on cryptocurrencies saw a loosened grip under Trump’s presidency.
Meanwhile, CLO Stuart Alderoty revealed the next steps following the U.S. SEC’s declaration of an appeal drop in the lawsuit. In the interim, XRP price closed this week considerably above the $2 level, although the weekly chart showed a dip of 2%.
Pi Network: What’s The Buzz?
Pi Network stole the broader market’s attention, showcasing a highly fluxing action over the past week. CoinGape reported that this volatility came attributed to nearly 129 million Pi Coins ready for an unlock, worth about $175 million, set to be added to the supply this month.
On the other hand, the crypto saw rising adoption in the Asian landscape this week. Vietnam-based Pi enthusiast Cryptoleakvn recently shared an update on X, highlighting a surge in Pi-accepting regions across the country.
However, the Pi token faced investor selloff concerns amid its turbulent price action this week. The lack of major announcements by the crypto team has added to market concerns about future movements.
In conclusion, mentioned above were some of the top crypto market updates reported by CoinGape over the past week. It’s also worth mentioning that Canary Capital filed for SUI ETF approval with the U.S. SEC this week.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Ethereum price is approaching a key technical level that has historically acted as a barrier to upward price movement. According to recent technical analysis, this resistance zone has triggered past reversals, and analysts caution that another failure to break above could lead to a downward correction. The altcoin is trading within a descending channel, a pattern typically associated with bearish trends. While some analysts remain optimistic about a potential rebound, others warn that the next move could push ETH price lower, targeting a key support of $1,700.
Analysts Warn of Ethereum Price Potential Fall to $1,700
According to a recent analysis, Ethereum price is nearing a resistance zone at $2,200. This level coincides with the upper boundary of a Descending Channel. Technical analysts consider this pattern bearish. Price movements within the channel have shown lower highs and lower lows, indicating downward pressure.
Crypto analyst MadWhale shared a chart showing Ethereum trading close to this critical resistance. Previous interactions with this level have led to downward reversals. The analyst suggests that failure to break this zone may trigger a 13% decline. The projected target is $1,700, a level that has previously served as support.
More so, another recent analysis shows that ETH/BTC is currently testing a critical support zone last seen in late 2020, raising the possibility of a trend reversal after years of decline. This technical setup, combined with record-high futures open interest of 10.23M ETH, signals a rising potential for a rebound.
Technical Indicators Support a Bearish Outlook
The Ethereum price chart also shows weakening bullish momentum. A rounded top pattern is forming near the resistance. This technical formation suggests that buying pressure is declining. Volume analysis reveals that trading activity is inconsistent, with low participation during recent gains and higher volume during declines.
Lower highs on the daily chart further support a potential downward continuation. These are typical in bearish trends. Traders are advised to monitor for signs of increased selling pressure. Confirmation of a rejection, such as a bearish candlestick pattern or rising sell volume, could strengthen the case for a decline toward $1,700.
According to the Moving Average Convergence Divergence (MACD), ETH is currently showing signs of waning bearish momentum as the MACD line is approaching a bullish crossover with the signal line. If this crossover occurs and is supported by increasing histogram bars, it could indicate a potential price rebound for the top altcoin.
Alternate Scenario: Analyst Forecasts Bullish Targets
While bearish indicators persist, some market observers maintain a positive view. Analyst Patron has outlined three possible bullish price targets. According to his analysis, if the top altcoin holds support near $1,980, a short-term rally could occur. His initial target is $2,296, reflecting a potential increase of over 15%.
Further upside targets include $2,913 and $4,000. These projections assume that current support holds and momentum shifts in favor of buyers. The analyst’s outlook is based on Ethereum price recovering from recent lows and reclaiming previous highs. This scenario would challenge the bearish narrative if confirmed by increased volume.
At press time, the crypto is trading at $1,999.75, marking a 1.20% gain over the past 24 hours. Despite the price uptick, trading volume has dropped sharply by 37.37%, indicating a possible divergence.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
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