The post XRP might rally 120% in 6 months if this correction scenario plays out appeared on BitcoinEthereumNews.com.

The value of XRP remains a focal point in the crypto space, fueled by expectations of an impending rally following the partial regulatory clarity the token received. While the asset currently aligns with the broader market rally, there’s a prevailing anticipation that XRP is poised for further surge. In this line, crypto analyst AlanSantana, in a December 1 TradingView post, suggested that XRP is facing a potential rally of 120% in the next six months. The analysis is based on two correction scenarios that could propel XRP to new heights, challenging the highs of July when the court declared the token not a security in the Ripple and Securities Exchange Commission (SEC) case.  In the analysis, if XRP corrects to approximately $0.51, the token is poised to experience a rally of around 85% within the next six months. However, should XRP correct to even lower levels, approximately $0.43, the token could potentially initiate a more substantial rally, reaching up to 120%. XRP price analysis chart. Source: TradingView “It can be there because it pierced higher and is producing a retrace, but overall it would be about 50% higher than what we see today or 85% (blue) to 120% (red) higher if one of these correction scenarios becomes the future,” he said.  The analyst noted no bearish scenario beyond a strong, sudden, or surprise correction. While acknowledging the normal retracement since July, the chart analysis revealed a triangle-top pattern, historically indicative of temporary declines before upward surges. XRP’s next price target  Looking beyond the short-term forecast, the analyst suggested a long-term potential price of around $5 based on past calculations. However, he cautioned that predicting future prices becomes intricate during a super-cycle.  “Around $5 is the result of past calculations but you would need to look at around and find the…

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Filed under: News - @ December 3, 2023 12:10 pm