thecryptobasic.com
17 December 2024 14:06, UTC
A market expert believes $XRP has the potential to breach its 2021 all-time high if it can clear a major technical hurdle.
Over the past few weeks, $XRP has stolen the crypto spotlight, mounting a blistering 300% price surge to seven-year highs. But this rally now appears to be slowing, raising the question of whether the asset can continue.
One prominent analyst has suggested that the answer is in the affirmative, but the asset has at least one hurdle to overcome first.
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Prominent crypto analyst Ali Martinez has suggested that $XRP’s price still has room to grow. In an X post on Tuesday, December 17, the analyst asserted that the asset was heading toward the $4 price point, representing an over 50% increase from current prices of around $2.6.
However, according to Martinez, there is one condition for this trajectory to be confirmed: $XRP has to break the price resistance at $2.6.
As highlighted in the four-hour candle chart shared by the analyst, the price level has served as a wall to $XRP’s price in the past week after it broke out a bull flag pattern it entered after surging to $2.9 on December 3.
Interestingly, $XRP whales may already be mustering the demand needed to break this wall.
Amid $XRP’s recent price correction, whales are loading up. On Monday, December 16, Ali Martinez shared Santiment Feed data suggesting that this class of investors had purchased a staggering 830 million $XRP worth nearly $2.2 billion in the past 24 hours.
The purchases appear to line up with Ripple’s announcement of the Tuesday, December 17 launch of RLUSD. The stablecoin has been tipped to bolster liquidity and DeFi activity on the $XRP Ledger (XRPL) in what many see as a likely boon to $XRP’s price.
