thecryptobasic.com
A market analyst confirms that $XRP has claimed four of its previous price targets amid the recent uptrend, identifying levels to start taking profits.
$XRP has been riding an impressive bullish wave following the Donald Trump election victory in early November. The token rallied by over 283% by the end of that month and maintained the upward push.
The rally has continued into December, with $XRP gaining an additional 24% despite a minor correction that saw its value dip from a $2.9 high to $2.42. Meanwhile, market analysts like Cryptobilbuwoo believe the rally is not yet over, anticipating further upside.
$XRP Parabolic Curve
In his recent analysis, Cryptobilbuwoo highlighted a parabolic curve pattern that appears to be guiding $XRP’s recent price action. Interestingly, the analysis indicates that, as $XRP soared from Nov. 5, it already achieved four major targets previously set by the analyst.
#xrp #Ripple
🚨🚨🚨Updates🚨🚨🚨The Parabolic Curve Pattern⬆️
Targets are being captured one by one. #XRPImpossible dream?
$XRP Showtime.
🌕$589+
$349(2.382)
$113.13… https://t.co/H0Ev0Etn4W pic.twitter.com/0l8UDFlvEe— (X)=chi (R)esurrected (P)=rho (@Cryptobilbuwoo0) December 3, 2024
These targets include $0.64, which $XRP breached on Nov. 12, and $0.915, which gave way on Nov. 16. Notably, $XRP successfully claimed the $1.13 target on Nov. 17, and further went on to reach the $1.612 target on Nov. 23.
Cryptobilbuwoo anticipates further upward momentum, identifying $3.3 as the next target. Beyond this, he has presented two targets of $6.15 and $26.6 with even more ambitious targets stretching as high as $589. According to him, $6.15 and $26.6 are the two profit-taking targets.
Data from his chart shows that the parabolic structure suggests a continuation of the upward trend, indicating strong buy-side momentum. However, $XRP must maintain the $2 price level to sustain the bullish push.
Indicators Suggest Rally Remains Intact
Meanwhile, Levi, another prominent analyst, presented a comparison between $XRP and Tesla’s stock. He noted that Tesla traded sideways for seven years before skyrocketing after resolving an SEC lawsuit.
Levi argued that $XRP exhibits a similar trajectory, having been “suppressed” for seven years due to its ongoing regulatory challenges with the SEC. Several other industry pundits also hold this sentiment.
According to Levi, $XRP could sustain its uptrend, potentially reaching new all-time highs. The analyst noted the importance of patience, suggesting that long-term holders could reap substantial rewards as the market unfolds.
Also, market commentator Harry revealed that $XRP has yet to retest its monthly breakout levels, which remain important support zones. Currently, $XRP is trading between its 2017 weekly and monthly all-time highs.
$XRP fan's – Still no retest of 1m breakout, price action holding middle ground between 1m and 1w 2017 ATH's. Buy side pressure appears to be mounting, this flag breaks to upside then a potential rip to new highs. Keep your eye on this breakout target🚀 pic.twitter.com/z1i9v492si
— Harry 🪝🏴☠️ (@HaraldoXRP) December 7, 2024
Harry confirmed the importance of mounting buy-side pressure and a consolidation pattern forming a flag. If the flag breaks to the upside, he predicts a sharp rally to new heights. At press time, $XRP changes hands at $2.43, having gained 3.8% over the past 24 hours.