-
XRP has a high probability of continuing to rise in price.
-
It will be necessary for bitcoin and the market, in general, to accompany this movement.
XRP (XRP) is one of the prominent cryptocurrencies at this stage of the digital asset bull cycle.
The cryptocurrency issued by the company Ripple Labs has begun a accelerated price rally that began with Donald Trump’s victory in the US presidential election. Also, the launch of Ripple USD (RLUSD), a stablecoin issued by Ripple, has pushed in favor of XRP.
This rise took XRP to price levels not seen since 2018. On December 3, 2024, each XRP traded for $2.90 but then had a downward correction.
At the time of this publication, XRP is at prices close to $2.17as can be seen in the graph below:
With a little imagination, you can see that a technical analysis pattern known as a bullish pennant is forming.
NoticiasVE explained days ago that “this pattern is generally characterized by a strong initial movement (the flagpole), followed by a period of consolidation with convergent highs and lows (the flag), which tends to resolve in the direction of the previous trend.” ».
“Translated” into simple Spanish, the above means that the price of XRP has a high probability of continuing its upward movement. It is evident from the chart above that the triangle (pennant) is reaching the breakout point.
It is worth clarifying that technical analysis allows us to establish the probabilities of something happening, but it does not predict the future with infallibility. Therefore, any investor should take appropriate risk management measures before trading accordingly.
Regardless, if the bitcoin (BTC) and cryptocurrency market in general continues to be bullish, it is highly possible that XRP will continue to rise as well.
Jacobo Maximiliano, Bitget analyst, said:
«From a technical point of view, XRP has activated a bullish pattern very similar to that of ether (ETH) and bitcoin (BTC). This would take it in different time ranges, first to $3.30 and then to $4.50. Then there would be a strong correction below $2. And later, it should surely rise to 7 zone dollars. “We will have to be very attentive to the possible execution of this bullish pattern, as we see in the graph.”
Jacobo Maximiliano, market analyst.
According to the trader known as Crypto Rover, “bitcoin always goes parabolic after Christmas”. It is worth clarifying that Crypto Rover exaggerates, this has not always happened. But it is true that it has happened on many occasions.
And, precisely now, we are “after Christmas.” Will the long-awaited Christmas rally for cryptocurrencies come, which if it happens will undoubtedly end up benefiting XRP as well? We will have to wait to find out.