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Vignesh S G
Vignesh S G
Author
- Nov 21, 2024 09:44 UTC
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Ripple News: XRP Price Could Hit $1.96 by Nov 24, Says Analyst
XRP has surged significantly since the US election, peaking at $1.12. It's currently consolidating but could break out soon.
Historical patterns and a seven-year symmetrical triangle suggest a strong bullish momentum for XRP.
While a significant rally is expected, a correction to $0.50 could follow, potentially offering a good buying opportunity.
XRP has been on a remarkable run, soaring 119.905% since the U.S. presidential election. On November 16, the token hit a peak of $1.1205, up from its pre-election level of $0.5038. However, since November 17, XRP’s price has been consolidating within a range of $1.1220 to $1.0544.
Could a significant breakout be around the corner? Here’s a closer look at the signals and predictions fueling market buzz.
History Tells Us – A Big Move Is Coming!
XRP’s recent price action mirrors patterns seen in the 2017-18 and 2020-21 cycles. These historical trends, coupled with a seven-year symmetrical triangle pattern, suggest a major price move could be on the horizon.
Over the last week, XRP’s price has risen by 59.2%, currently trading at $1.1200. Since November 5, it has surged by an impressive 119.905%. The daily chart indicates that a breakout from the current consolidation range of $1.0544 to $1.1220 could happen any moment, potentially setting the stage for another rally.
Could XRP Hit $1.96?
According to The Block Bull, a respected crypto market analyst, if XRP can break above the critical resistance zone at $1.18 to $1.20, it may surge to $1.96 by November 24. This would represent a 75% increase from its current levels.
The analyst’s projection is based on how the current price cycle blends elements of the 2017-18 and 2020-21 patterns. Additionally, the recent breakout from a seven-year symmetrical triangle pattern on November 11 signals strong bullish momentum that could propel XRP to new heights.
Despite the optimistic forecast, The Block Bull has warned of a potential correction after the rally. If XRP hits $1.96, it could retrace to $0.50.
However, the analyst views this pullback as a prime buying opportunity for investors looking to enter the market at a lower price.
FAQs
XRP’s future depends on legal outcomes and market conditions. While it shows potential, especially with recent gains, its success remains uncertain in the long term
At the time of writing, the price of 1 XRP token was $1.12.
XRP’s price action is proving once again that the crypto world never stands still. We’re expecting something big ahead!
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