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Some market analysts believe XRP may never dip below $2 again, while others note that the current XRP chart looks good, suggesting potential for more growth.
XRP has been a top gainer in the ongoing bull market. For context, XRP closed November with a 283% gain, its largest monthly gain in seven years, capturing and soaring above the $2 level.
XRP Below $2
As XRP begins December on an equally positive note, market analysts like EGRAG suggest the bulls are likely to defend against substantial pullbacks. In a recent analysis, EGRAG argued that the market might never see XRP below $2 again.
For context, XRP surpassed $2 on Dec. 1, just three days ago. However, when the altcoin breached this mark, it rallied to a top of $2.9 two days later. Despite a correction from this peak, XRP has held above the $2 region, currently finding support at $2.5.
EGRAG believes this resilience will persist in case of more aggressive pullbacks. The market analyst suggested that XRP might record its highest yearly candle close this year. The asset is already up 313% in 2024, but EGRAG expects further upside in December.
According to him, if XRP sustains its current bullish momentum, the bulls would have enough strength to hold $2. This would transform the $2 mark to the new macro support, a position previously held by the $0.50 price region. As a result, XRP could leverage the $2 level for any further upside in the future.
EGRAG congratulated investors who procured XRP below $2. He asserted that these market participants are becoming a part of history, as XRP looks to reclaim the all-time high above $3.3 and recover its footing in the broader crypto market.
XRP Chart Looking Good
Meanwhile, veteran analyst Raoul Pal, once an XRP critic, admitted recently that the XRP chart is “good-looking.” Notably, the chart shows an extensive wedge pattern on the 1-month timeframe that has guided XRP price action since it dropped from $3.31 in January 2018.
You've got to admit, $XRP is a good looking chart. Last time it broke a long wedge pattern it rose another 5,600%! (obvs wont repeat but you get the point – i can go up a lot) Banana Zone Part 1 pic.twitter.com/MTs6fdJrT3
— Raoul Pal (@RaoulGMI) December 2, 2024
Pal confirmed that a similar wedge structure also materialized from December 2013 to March 2017. After XRP broke out of this earlier wedge, it recorded an additional 5,600% price surge, eventually reaching the January 2018 top of $3.31.
Data shows XRP finally broke out of the current wedge pattern when it spiked 283% in November. If history repeats, XRP could witness a more substantial spike in the coming months. However, Pal admitted that the rally might not be as explosive as the 2017 surge.
His latest XRP analysis follows a recent apology to the XRP community following the asset’s push above $2. Pal had previously advised against sticking to XRP in this bull run, arguing that those who do might miss out. However, amid the latest rally, he admitted his error. Meanwhile, XRP currently trades for $2.58, up 2.74% today.