Amid the recent XRP price action, some experts believe it is likely to breach the previous 2021 high to claim a seven-year top.
Notably, XRP has been on a remarkable surge, recently reclaiming $1 for the first time in three years. After peaking at $1.63 on Nov. 23, the asset has faced a slight pullback and is consolidating around $1.46.
With an impressive 188% rise in November alone, analysts are now more bullish on XRP, predicting the $2 milestone is within reach and expecting long-term gains beyond $8.
XRP Eyes $2 Once $1.6 Clears
Crypto analyst and entrepreneur Armando Pantoja is championing this narrative. In his latest analysis, the angel investor suggests that XRP’s bullish setup is far from temporary.
He shared a 30-day chart which highlights a major upward trend, starting in early November. This trend’s foundation features a surge in whale accumulation and positive market sentiment.
XRP 30D Chart | Armando Pantoja
Despite this run, Pantoja suggested that XRP’s MACD appears to be cooling, and its Relative Strength Index (RSI) is not yet in an overbought position, indicating a sustained rally rather than an overheated market.
Citing these market conditions, he believes once XRP clears $1.60, resistance to $2 will be minimal, likely triggering FOMO among traders. Meanwhile, beyond this level, he remains confident that XRP’s long-term target lies between $8 and $20.
XRP Could Face Its Next Roadblocks at $1.63, $1.88 and $1.96
Interestingly, another analysis from market commentator Dark Defender complements Pantoja’s outlook. However, Dark Defender focuses on shorter-term timeframes to discuss XRP’s next price direction from this level over the next few days.
#XRP closed two consecutive candles (4-hour chart) above our Fibonacci level of $1.44.
+ Staying above $1.44 is a confirmation for $1.63.
Then, $1.88 and then,
To the stars
Not Financial Advice pic.twitter.com/MUyb8C4X2I
— Dark Defender (@DefendDark) November 27, 2024
Using a 4-hour XRP chart, he confirmed the importance of the Fibonacci level at $1.44, which XRP has successfully breached by closing two consecutive candles above it.
This move indicates a potential move toward the $1.63 resistance zone, which could set the groundworks for XRP to climb to $1.88. His chart shows that XRP is leveraging massive support within the Ichimoku cloud.
Dark Defender predicts that sustained movement above $1.44 will act as a launchpad for further gains. If XRP claims the $1.88 target, it would face minimal resistance on its journey toward $1.96. Interestingly, veteran trader Peter Brandt expects a massive run once $1.96 gives way.
XRP’s Symmetrical Triangle
Meanwhile, analyst Mikkybull also recently shared a 4-hour XRP chart showing consolidation within a symmetrical triangle. He pointed out that a similar triangle formed earlier in November, following XRP’s breach of the $1 level. This consolidation lasted for five days before XRP rallied to $1.63.
$XRP next wave of rallies will bring it to $2 pic.twitter.com/HgqgpX4iQL
— Mikybull 🐂Crypto (@MikybullCrypto) November 27, 2024
Mikkybull sees parallels in the current price action, with the latest triangle forming after the drop from the $1.63 high. He expects another breakout that could push XRP toward the $2 price range.
Notably, all these analysts unanimously agree that maintaining support levels like $1.44 will help in sustaining the rally. Further, breaking through resistance at $1.63 could act as a catalyst for the next leg up to $2 and beyond.
