XRP has taken investors on an stimulating rollercoaster ride this year, taking them on a journey through the ups and downs of the market.
There have been many ups and downs, from a diminutive spike in March to a huge spike in July and another spike in mid-October. Even though this stimulating adventure has come to an end, XRP is currently trading at just $0.59, which is a massive 30% drop from its all-time high of $0.95.
Still, XRP’s current trajectory is characterized by a long-term consolidation pattern spanning many months, pointing to a potential unexpected surprise for patient investors. For example, a bullish head and shoulders setup is on the verge of completion, adding a positive dimension to the outlook.
XRP: Buy Dip?
In the event that the XRP price maintains its upward momentum and successfully breaks through resistance, the stage is set for a quick and significant upward rally, presenting a tempting opportunity for those in a position to capitalize on potential gains.
After taking a look at the current situation, it looks like XRP is definitely in “buy dip” sector. If you believe that XRP will continue to rise in value, buying some of the digital asset now may seem like a great opportunity to make large money. People who believe that the value of XRP will boost in the long run consider investing in it now to be a good deal.
XRP market cap currently at $32.2 billion. Chart: TradingView.com
Even with the recent cryptocurrency market correction and the marginal decline in the price of XRP, some analysts remain sanguinewhich suggests that the Ripple coin is poised to skyrocket to never-before-seen heights.
#XRP Train 🚂Next stops: $1.3-3-5.8-27:
🔍 Macro View:
Echoing the 2017 surge, a target of $27 seems a likely target. The $3 and $5.8 markers represent critical milestones, but a break through to $6-7 could cause some headwinds. These ambitious goals… https://t.co/Aojv3sYmtG pic.twitter.com/c0RSHhlFnA— EGRAG CRYPTO (@egragcrypto) November 27, 2023
Notably, Twitter user EGRAG CRYPTO is exemplifying potential upcoming targets for the token, signaling prevailing belief in its hidden upside potential despite recent market volatility.
EGRAG said XRP could rise to $6 or $7 if it crosses “key milestones” of $3 and $5.80. Based on what happened during the 2017 bull run, the expert further stated that he thinks the token will explode to $27.
XRP is actively participating in the current wave of market optimism, driven by rising expectations for ETFs and witnessing the largest boost in inflows since the end of 2021.
Based on latest report with CoinShares, digital asset investment products saw an impressive inflow of $346 million in the previous week alone. Significantly, this marks the highest weekly inflow in a nine-week streak, driven by heightened expectations for the launch of spot ETFs in the United States.
It is worth noting that this growth is the strongest since the bull market observed at the end of 2021.
This running of the bulls will be special for them $XRP
Last cycle we saw a LOT of suppression and inactivity due to the whole lawsuit issue
But since then everything has changed
In fact, change may be an understatement
Because Ripple has turned this into the most bullish outcome possible… pic.twitter.com/PzDsPVAyyO
— Kyren (@noBScrypto) November 24, 2023
Positive forecast for XRP
Meanwhile, another Twitter user who believes that the Ripple coin will soon experience massive growth is Kyren. They claim that there are many reasons why XRP could experience an “exceptional” bull market in the future.
The re-listing of XRP on key cryptocurrency exchanges, Ripple’s cooperation with several central banks around the world and the company’s good fortune in the legal battle against the US Securities and Exchange Commission (SEC) are just some of them.
The broader cryptocurrency market is looking good right now as investors look forward to the Federal Open Market Committee (FOMC) minutes that will be released soon. The market is also moving higher due to rumors about the approval of the Bitcoin Spot ETF and other positive developments.
(The content of this website should not be construed as investment advice. Investing involves risk. When investing, your capital is subject to risk.)
Featured image from Krzysztof Kubicki/Pexels
