Cryptocurrency prices bounced back on Thursday as Bitcoin remained above $100,000. XRP price rebounded, with many analysts maintaining their optimism that it has more room to run. So, how soon can the Ripple price jump to its all-time high?

Crypto Expert Believes XRP Price May Hit ATH In December

Crypto analysts are highly optimistic about the XRP price. As we wrote on Wednesday, one crypto analyst expects that the Ripple price will spike to $5 and then surge to $18 in the long term. 

In another X post, Good Mornin Crypto, a popular X user with almost 35k followers, predicted that the coin will “break an all-time high” this month. He pointed to the monthly chart, which shows that the XRP coin is within a touching distance to that high. 

Amonyx, another highly popular crypto analyst, predicted that XRP price was about to go parabolic and hit $20. 

XRP Price Forecast

XRP price was trading at $2.4 on Thursday, meaning that it needs to jump by 40% to get to its all-time high of $3.32. Such a move is highly possible when you consider how the coin has performed before. For example, it rallied by almost 500% in November alone. 

Further, Ripple has some potential bullish catalysts that could push it higher. Ripple Labs has received approval to launch the RLUSD stablecoin, meaning that it could happen this month. RLUSD will be used alongside XRP in handling payments globally. 

Ripple will also benefit from the upcoming Trump administration. One way this could happen is for the agency to end its litigation against Ripple and other crypto companies. Another potential catalyst is that Ripple Labs may decide to file an IPO in 2025.

Ripple Can Hit ATH In December

Technicals suggest that the price of Ripple is on the cusp of a strong bullish breakout. The clearest of all this is that it has formed a bullish flag chart pattern, a rare sign that leads to more gains.

A bullish flag is made up of two key parts: a vertical line (pole) and a flag, which often is rectangle in shape. XRP has also formed a hammer candlestick pattern, a popular reversal sign. 

XRP also remains above the 50-day moving average. Therefore, there is a likelihood that it will soon have a bullish breakout as bulls target the year-to-date high. That price action will be confirmed if the coin rises above the year-to-date high of $2.90. 

XRP Price Chart

On the flip side, a drop below the lower side of the hammer pattern at $1.90 will invalidate the bullish view. It will open the door for Ripple to have a mean reversion and drop to the 200-day moving average point at $0.87.

The post How Soon Can XRP Price Cross ATH? appeared first on CoinGape.

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Filed under: News - @ December 12, 2024 1:28 pm