XRP Price Surges To $2.6: Top Analysts Predict It May Never Drop Below $2 Again

The post XRP Price Surges To $2.6: Top Analysts Predict It May Never Drop Below $2 Again appeared first on Coinpedia Fintech News

XRP has emerged as one of the strongest performers in the ongoing crypto bull market, with its market cap hitting the $149 billion mark. It ended November with an impressive 283% gain, the biggest monthly surge in seven years, reaching a high of $2.9. 

Now, experts believe XRP may never fall below $2 again as it sets its sights on $3 and a potential run to its all-time high.

XRP Will Never Drop Below $2

In a recent tweet post renowned crypto analyst EGRAG believes XRP’s recent performance indicates a significant shift. After crossing the $2 mark, XRP rallied to $2.9 before stabilizing at $2.6.

Amid the short-term corrections, the token has held firmly above $2, showing resilience in the face of market fluctuations.

EGRAG predicts that the $2 level could now become a new macro support, replacing the previous $0.50 support level. This would mean that XRP has established a solid foundation for further growth, with the bulls likely to defend against any major pullbacks.

EGRAG also hinted at a potential historic yearly candle close for XRP in 2024. With the token already up 313% this year, the analyst expects more upward momentum in December, driven by strong market sentiment.

Analysts See Long-Term Potential

Aligning with the EGRAG analysis Veteran market expert Raoul Pal even shared his bullish perspective on XRP, despite being a previous skeptic. He noted that XRP’s price chart is showcasing a massive wedge pattern that mirrors the structure seen before the 2017 bull run. 

Back then, XRP experienced a staggering 5,600% surge after breaking out of the wedge, eventually hitting its all-time high of $3.31 in January 2018.

Pal believes XRP could follow a similar path this time, though he tempered expectations by suggesting the growth might not be as explosive. Even so, the current breakout has sparked hope that XRP could soon reclaim its previous record and set new highs.

XRP Eyeing Big Gains: $3 Next

As XRP continues to gain traction, investors who bought in below $2 are celebrating their decision. However, XRP’s next key resistance is at $2.850, breaking this level could push the price to $2.950 with potential targets of $3.00 and $3.150. The next major challenge for bulls might be $3.20.

With market sentiment overwhelmingly bullish, the next few weeks could be crucial for XRP’s long-term prospects. However, this rally is just the beginning, as XRP strengthens its position in the crypto market.