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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.