XRP price witnessed: significant correction after rising as high as $2.90 this week. This has raised speculation about whether the recent rally is over, but MadWhale cryptocurrency analysts have indicated that XRP still has more room to grow.

Analyst explains why XRP price is heading to $3.2

In TradeView entryMadWhale explained why the price of XRP is heading to $3.2. The analyst noted XRP’s significant trading volume and the stock’s continued underperformance compared to other cryptocurrencies. Indeed, XRP has experienced a long-lasting one period of stagnation while other coins saw significant gains.

MadWhale said this prolonged period of stagnation has left the company’s stock highly compressed and ripe for a potential breakout. The analyst added that fundamental and technical analysis indicate favorable prospects, and the chart indicates sturdy ones growth potential. As such, he predicts that XRP could once again reach its current all-time high (ATH) and even higher targets.

The price of XRP has weakened and recovered over the past 24 hours, after a parabolic rise over the past few weeks. Cryptocurrency analyst Foretold by the Dim Protector that this correction is likely to occur. He said he expects XRP to range between $2.13 and $2.92 for a few days before continuing its upward trend.

Like MadWhale, Dim Defender also offered a bullish outlook for XRP, predicting that the cryptocurrency will hit an average target of $3.9993 next. This escalate will set a novel ATH for XRP as its current ATH is $3.8.

Meanwhile, in a recent analysis, Egrag Crypto stated that a rebound from $2.19 will lead to higher highs and cause XRP to continue its upward momentum. Egrag Crypto is confident that the price of XRP will escalate to double digits in this market cycle.

Way to $3.99

In his latest post on X Dim Defender provided an update on XRP’s projected growth to $3.99. The analyst noted that the XRP price continues to shift Fibonacci levels. He confirmed that this latest correction was expected. The cryptocurrency analyst added that these sideways moves may last a little longer.

The cryptocurrency analyst also provided insight into key levels to watch out for in XRP price swings. He highlighted $2.13 and $2.27 support levels for XRP and $2.92 and $3.99 as targets for the cryptocurrency. Recovering the $2.92 target, which is the Fib level, indicates that the cryptocurrency is poised to continue its uptrend.

At the time of writing, XRP is trading around $2.30, down more than 12% in the last 24 hours, according to data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com