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A prominent market commentator believes XRP could claim a two-digit figure in the future, citing a W pattern on the monthly chart.
This sentiment came from Steph, a notable analyst who has maintained bullishness for XRP since its days at the $0.50 level. He stressed in his latest analysis that, after surpassing the $0.50 region to recover $2, XRP now has the potential to hit a new ambitious peak of $35.
Formation of the W Pattern
In the analysis, Steph presented a monthly chart confirming XRP’s latest resurgence. For context, XRP initially struggled at the start of this year, 2024, before eventually skyrocketing following the Donald Trump election victory in early November. XRP closed November with a 283% rise, and is now up 26% in December.
Amid the remarkable performance, Steph confirmed that the latest November bullish candle completed the formation of a “W” pattern. Interestingly, the formation of this pattern began in the 2017/2018 bull run, when XRP rallied to the ATH of $3.31 and then corrected.
Notably, XRP soared from $0.2 in June 2017 to the $3.31 peak in January 2018. After this, the asset collapsed to a low of $0.11 in March 2020 and then recovered to $1.96 by April 2021. This recovery led to a subsequent collapse in 2022, especially after the Terra implosion, with XRP reaching a low of $0.28 in June 2022.
The altcoin had been trying to recover from this low, but eventually achieved this feat in November. This November push completed the formation of the W structure.
The structure indicates that the XRP market is now shifting from a downward trend to an uptrend, a switch that could lead to further price gains. Currently, XRP is retesting the horizontal trendline at the top of the pattern. A decisive break above this line would set the stage for a major upsurge.
XRP Targets $35?
Steph believes this upsurge will likely push XRP to a price of $35. With XRP currently trading for $2.47, attaining the $35 price mark could present a formidable challenge. Notably, XRP would need to skyrocket by 1,317% from its current level to reach this price mark.
Interestingly, besides Steph, other market commentators believe this $35 target is feasible for XRP. Community pundit Ralston Maximus predicted in July 2024 that XRP has the potential to reach a price range of $30 to $35, arguing that a target of $7 would only be the start of its explosive run.
However, multiple investors challenged this notion, contending that a $35 price is highly speculative and improbable. This was possibly due to the fact that XRP’s market cap would rise to $1.9 trillion should this materialize. Despite the doubts, Ralston insisted that the target is not ridiculous.