TL:DR;
- XRP rebounded from its most recent price slip below $2, but the asset might not be out of the woods yet.
- However, a popular crypto analyst suggested that a potential decline toward that level again could be beneficial for XRP’s long-term price movements.
Ripple’s cross-border token went on a massive run after the US elections, skyrocketing by triple digits at one point and peaking close to $3. All of these gains came in the span of a few weeks, but the asset lost momentum at the start of December.
It tumbled hard on several occasions in the following weeks, with the latest decline to under $2 transpiring last Monday – December 30. This came during the most recent market-wide correction.
However, the popular crypto asset reacted well to this decline and shot up by over 20% since then, currently sitting at around $2.45. Consequently, XRP has regained its spot as the third-largest cryptocurrency by market cap by surpassing Tether’s USDT.
According to analyst Ali Martinez, XRP still stands below a steep resistance level of $2.73, which has stopped its price ascent on a couple of occasions during this rally. If the asset fails to overcome it soon, it could slump back to $2.05.
However, Martinez actually believes that such a scenario could be a blessing in disguise for XRP, which could catapult it toward a fresh all-time high above $3.4 (CoinGecko data) and all the way up to $11.
$XRP is still consolidating within the pennant of a massive bull pennant pattern. Until the $2.73 resistance is broken, a pullback to $2.05 remains possible before a potential breakout to $11! pic.twitter.com/ET39FJMtAc
— Ali (@ali_charts) January 4, 2025
It’s safe to say that $11 sounds quite extraordinary for XRP. Such a price tag would put the asset’s market cap at well over $600 billion, which would help it top Ethereum in that regard. Although this might sound plausible under a friendlier Trump administration, it’s still a long way away and falls under the category of exaggerated price predictions.
