The recent price movement for XRP can be considered a consolidation phase, with the asset still searching for a path toward $1 despite receiving legal clarity that declared the token not a security.
When examining the XRP price trajectory, an analysis by a cryptocurrency expert with the pseudonym Egrag Crypto outlined a potential path that could see the asset breach the $1 mark and potentially skyrocket to $3.7. In the analysis posted on X (formerly Twitter) on December 26, the expert suggested that the $3.7 target remains possible if historical patterns repeat themselves.
XRP price analysis chart. Source: TradingView
The analysis points to the current consolidation phase of XRP along a slanted trend line, drawing parallels to a past cycle that saw the asset reach $1.60 after gains of over 500% in 2021.
XRP seven-day price chart. Source: Finbold
Elsewhere, a review of XRP technical analysis retrieved from TradingView shows that XRP is dominated by bullish sentiments, with the summary aligning with a ‘strong buy’ at 16. Moving averages also recommend the same rating at 14, with oscillators aligning with a ‘buy’ at 2.
XRP technical analysis. Source: TradingView
Overall, the skyrocketing prospects of XRP will also be influenced by the market trajectory and adoption rates of Ripple’s underlying technology.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
