XRP Could Rally 85% or 120% Depending on Its Corrective Path

Renowned market analyst AlanSantana recently discussed the potential price movements of XRP, suggesting an 85% to 120% rally depending on its corrective path. 

Taking to TradingView, the analyst examined two correction scenarios for XRP, highlighting the possibility of significant growth. He noted that the current bullish trend and wave would be the driving forces behind higher prices.

In Santana’s analysis, he pointed out that a bearish scenario for XRP is unlikely to extend beyond a strong, sudden, or surprise correction.

He acknowledged the unpredictability of cryptocurrency markets, but noted that XRP has historically shown resilience, often deviating from conventional patterns and defying market norms.

A Drop Before a Price Rally

Notably, XRP’s growth has slowed over the past week despite Bitcoin (BTC) and a few other assets recording monumental price surges. This trend has elicited concerns among community members, but market watchers remain optimistic.

The bigger picture, as Santana describes it, involves a combination of a bullish trend and a bullish wave which would position XRP for higher prices.

Despite the potential for a normal retrace, Santana argued that the current state of the market indicates a pattern of lower prices leading to eventual higher highs. 

Notably, the analyst pointed out that XRP’s trade volume has dropped since July when it soared to a high above $10 billion upon the July 13 ruling.

Santana further confirmed that a triangle-top pattern has emerged, historically preceding lower prices that eventually turn into upward surges.

XRP Could Rise 85% or 120%

Looking ahead, Santana contemplated the six-month outlook for XRP, suggesting a challenge of July’s high between $0.73 and $0.94.

With a strong bullish bias, XRP could rise to trade around these prices, showcasing a potential surge of 50%, or more precisely, an 85% to 120% increase depending on the retracement path it takes.

Santana introduces two possible retracement paths. The first, depicted in blue, envisions XRP dropping to the $0.51 region before registering an 85% surge from the current price.

Alternatively, the second correction path, illustrated in red, could take XRP down to the $0.43 region, with a subsequent rally of 120% from the current price.

Considering the long-term potential, Santana suggests that past calculations indicate a possible target of around $5.

However, he notes the complexity of predicting cryptocurrency markets and the potential for unforeseen developments, especially in the context of a super-cycle.

Meanwhile, in the short term, XRP has increased 1.73% over the last 24 hours to a current price of $0.6221. The asset has observed a 42% spike in 24-hour trade volume to $2,001,370,458, indicating an influx of demand.