After a broader cryptocurrency market surged in the previous weeks, consolidation has gripped most digital assets, and XRP (XRP) is no exception.
With the uncertainty comes doubt, and investors are turning to experts for advice and predictions, wondering whether XRP will manage to revisit its all-time highs or is headed for another period of devaluation.
Potential XRP short squeeze chart. Source: CoinsKid
In that case, XRP could experience what is known as a ‘short squeeze’ and propel the crypto asset’s price exponentially.
Ascending parallel channel might not be so good
After six months of seeing the XRP price move through the ascending parallel channel, with constant testing and the suppression of upper and middle lines, recent performance is not so promising.
XRP is currently operating within the confines of an ascending parallel channel. Following a rejection at the mid-line of the channel, XRP could undergo a pullback, potentially retracing towards the lower boundary, situated around $0.55, as per a post from crypto analyst Ali Martinez on December 17.
XRP ascending parallel channel movement chart. Source: Ali Martinez
Positive outlook for the future
In recent months, the initial objective was for XRP to surpass its descending wedge; however, despite breaching, the momentum proved transient. The current XRP/BTC chart illustrates that XRP positioned beneath the Yellow Triangle as BTC experienced a bullish surge to $44,000.
While the forthcoming movement may test the patience of holders, a meticulous analysis of numerous charts supports a confident projection of $1.3-$1.5 on the horizon, reinforcing steadfast dollar targets, as per crypto analyst EGRAG CRYPTO post on December 18.
Chart of possible outcomes for XRP price movement. Source: EGRAG CRYPTO
Whether this digital asset will be able to mimic the previous achievements or not remains to be seen; nevertheless, investors should be careful when investing and should conduct a proper analysis prior to allocating assets.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
