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Joel Frank
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Joel Frank
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The XRP (XRP) price has dipped substantially back from the multi-year highs it hit last week in the $2.90 area and was last trading around $2.40, but whale activity on the XRP Ledger remains strong.
As XRP dropped from $2.90 to $2.22 last week, whales scooped up a massive 120 million XRP tokens, ali_charts shared on X last week.
Increased buying from major whales is often viewed as a sign that “smart money” sees value in an asset, and that its risk reward is good.
So, as the XRP price consolidates within recent ranges, could it be setting up for its next major surge?
XRP Price Targets $5
Per analysis of the shorter time-frame charts from popular technical analyst CryptoinsightUK, another surge in the XRP could be coming shortly.
CryptoinsightsUK looks at the example of the late-November price correction, where the XRP price fell back from highs of around $1.60 to lows of around $1.20.
He notes that the XRP price rallied all the way beyond the 4.236 Fibonacci extension level and retraced upwards from $1.20 to $1.60.
If history were to repeat, XRP could surge to $5.26 by the 11th of December. That would mean new all-time highs for the cryptocurrency and a market cap of nearly $300 billion.
XRP has been one of the best-performing cryptocurrencies in the space since Donald Trump’s US presidential election victory just over one month ago, and since the pro-crypto Republican Party took majorities in both the US House and Senate.
The XRP price has suffered badly as a result of a major SEC lawsuit in recent years. But the incoming Trump administration and congressional session looks set to usher in a new golden age for the US crypto industry, with XRP likely to be one of the biggest winners.
Elsewhere, XRP recently cut its reserve requirements to allow transactions from wallets holding lower XRP amounts, widening the accessibility of the XRP Ledger.
All said, there is plenty of “narrative” backing the XRP price’s recent move higher, which has seen it roughly 5x since the start of November.
So how high could the XRP price go?
How High Can XRP Go?
With Ethereum (ETH) testing $4,000, Bitcoin (BTC) dominance breaking down in a major way for the first time since early 2021, various indices, including from blockchaincenter.net, have confirmed the return of altcoin season.
If we are at the beginning of a new alt-coin surge, XRP price risks remain tilted strongly to the upside.
In a separate update on X, ali_charts argued against the idea that XRP is overbought at current levels.
He instead pointed to the fact that XRP has broken out of a multi-year symmetrical triangle. His conservative target is for a near-4x rally all the way up to $8.40, but potentially as high as $48.
A rally that high would mark a stunning 100x return for XRP from its pre-US election levels. Given the cryptocurrency’s already bloated market cap in the $130 billion region, per CoinMarketCap, this isn’t likely.
But the main point remains – XRP could still see a lot of upside and XRP price predictions are likely to remain bullish!
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
