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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.
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.