A market analyst confirms that XRP has claimed four of its previous price targets amid the recent uptrend, identifying levels to start taking profits.
XRP has been riding an impressive bullish wave following the Donald Trump election victory in early November. The token rallied by over 283% by the end of that month and maintained the upward push.
The rally has continued into December, with XRP gaining an additional 24% despite a minor correction that saw its value dip from a $2.9 high to $2.42. Meanwhile, market analysts like Cryptobilbuwoo believe the rally is not yet over, anticipating further upside.
XRP Parabolic Curve
In his recent analysis, Cryptobilbuwoo highlighted a parabolic curve pattern that appears to be guiding XRP’s recent price action. Interestingly, the analysis indicates that, as XRP soared from Nov. 5, it already achieved four major targets previously set by the analyst.
The Parabolic Curve Pattern⬆️
Targets are being captured one by one. #XRPImpossible dream?
XRP Showtime.
🌕$589+
$349(2.382)
$113.13… https://t.co/H0Ev0Etn4W pic.twitter.com/0l8UDFlvEe— (X)=chi (R)esurrected (P)=rho (@Cryptobilbuwoo0) December 3, 2024
These targets include $0.64, which XRP breached on Nov. 12, and $0.915, which gave way on Nov. 16. Notably, XRP successfully claimed the $1.13 target on Nov. 17, and further went on to reach the $1.612 target on Nov. 23.
Cryptobilbuwoo anticipates further upward momentum, identifying $3.3 as the next target. Beyond this, he has presented two targets of $6.15 and $26.6 with even more ambitious targets stretching as high as $589. According to him, $6.15 and $26.6 are the two profit-taking targets.
Data from his chart shows that the parabolic structure suggests a continuation of the upward trend, indicating strong buy-side momentum. However, XRP must maintain the $2 price level to sustain the bullish push.
Indicators Suggest Rally Remains Intact
Meanwhile, Levi, another prominent analyst, presented a comparison between XRP and Tesla’s stock. He noted that Tesla traded sideways for seven years before skyrocketing after resolving an SEC lawsuit.
Levi argued that XRP exhibits a similar trajectory, having been “suppressed” for seven years due to its ongoing regulatory challenges with the SEC. Several other industry pundits also hold this sentiment.
According to Levi, XRP could sustain its uptrend, potentially reaching new all-time highs. The analyst noted the importance of patience, suggesting that long-term holders could reap substantial rewards as the market unfolds.
Also, market commentator Harry revealed that XRP has yet to retest its monthly breakout levels, which remain important support zones. Currently, XRP is trading between its 2017 weekly and monthly all-time highs.
$XRP fan's – Still no retest of 1m breakout, price action holding middle ground between 1m and 1w 2017 ATH's. Buy side pressure appears to be mounting, this flag breaks to upside then a potential rip to new highs. Keep your eye on this breakout target🚀 pic.twitter.com/z1i9v492si
— Harry 🪝🏴☠️ (@HaraldoXRP) December 7, 2024
Harry confirmed the importance of mounting buy-side pressure and a consolidation pattern forming a flag. If the flag breaks to the upside, he predicts a sharp rally to new heights. At press time, XRP changes hands at $2.43, having gained 3.8% over the past 24 hours.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
