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Junior Content Creator
Harvey Hunter
Junior Content Creator
Harvey Hunter
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XRP has been on a rollercoaster ride in the past 24 hours, crashing below $2 and now trading at $2.40 after a 28% surge from the local bottom.
Interestingly, the XRP price appears to have beaten other leading altcoins to the punch with its 5.12% uptick since 00:00 UTC, affirming bullish end-of-year projections for the altcoin.
While XRP did not escape the liquidation event unscathed, suffering a 12.34% drawdown, it has been the quickest to recover.
Coupled with a 12% jump in trading volume to $24 billion, it seems that the reversal is backed by significant momentum.
Is XRP Clear of the Crash?
The uptick today represents a play-out of bullish predictions by expert analyst Casi Trades on X.
In her recent analysis, she noted two scenarios that could lead to a reversal and set the XRP price well on the path to a new all-time high.
Though the first scenario did not come to fruition, the second one has, with the 0.382 Fibonacci retracement level ($1.94–$2.04) proving a “pivot point” in the recent downtrend, following an ABC pattern.
The successful bounce from this support has re-ignited bullish momentum, seen in today’s surge, and reaffirmed a potential path to XRP’s past all-time high at $3.50.
Particularly as the bearish symmetrical triangle pattern breakout neared its target, $1.94 does seem a credible bottom to the correction.
XRP Price Analysis: Is a New All-Time High Next?
Going forward, XRP’s path to a new all-time high seems credible with the formation of an ascending broadening wedge since early November.
The lower support trendline of the pattern affirms a local bottom for a correction, aligning with Casi’s support zone at $1.94.
While a retest of the 50 SMA may temporarily stall today’s growth, the MACD line indicates bullish sentiment with a crossover above the signal line. This move, in recent history, has consistently led to significant upticks in the XRP price.
Therefore, a push to $3.50, representing a 50% advance on current prices, seems plausible.
However, the analyst notes the range between $3.50 and $3.74 remains a critical pivot zone where the market will define future trends.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
