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XRP is gaining strength, with one well-known expert predicting a permanent rise in the region of $ 4. XRP joined the rally of the crypto market, recently reaching $ 0.5740, up 11% from yesterday’s price of $ 0.514.
Bitcoin’s record rise has provided a broad market boost, and XRP is using this momentum to push its prices higher. For many investors, this is an encouraging sign that the altcoin may retain its high price points.
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However, market momentum is not the only factor at play here. Analyst CoinsKid, noted for his large following on social media platform X, recently posted an analysis showing that XRP’s rise may have a lot of upside potential. Using the two-year weekly chart, CoinsKid has found key resistance and support levels, which means it may move to new highs.
Is it #xrp on its way to $4? a new all-time high for this #crypto!
Grab the green line and pull out the orange line and a run to the upper red line wouldn’t surprise me.
Good luck CKC 🙌 pic.twitter.com/NYBl2igF9g
– CoinsKid (@Coins_Kid) November 6, 2024
Technical Points to Watch
CoinsKid’s chart shows three major resistance points for XRP: $0.94, $1.50, and $2.50. These levels are important because they have historically served as a ceiling for XRP. For example, in July, the coin reached $0.94 before bouncing back, shortly after a court ruling declared the asset not a security. This was a major milestone, but the excitement ended when the price failed to stay above this level.
The analyst believes that XRP will break through these resistance points without needing to retest the low support level of $0.3798. If the altcoin continues on its current trajectory, it could eventually reach a high of around $4, according to CoinsKid. For investors, this could mean huge profits, especially if the market maintains its current bullish tone.
Control Hope Increases Hope
The legal environment in the US is another thing that makes people feel good about XRP. Recent reports say that when President-elect Donald Trump takes office in January 2025, he will replace Gary Gensler as SEC Chairman.
Many in the crypto space keep a close interest in this idea, especially for XRP lovers who feel that Gensler’s exit will speak well for a more positive view of altcoins and cryptos.
Trump’s campaign to restructure the SEC has added to this hope. Many think that the removal of Gensler will give XRP enough freedom to operate without many legal obstacles. Such a change in the regulatory environment would be a big win for XRP, driving up the price.
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Future Price Predictions Look Bright
Looking ahead, the XRP price forecast looks very promising. Analysts predict an increase of 14% in the next three months, and its potential growth in six months is much higher, at 160%. A one-year forecast can mean that the asset can get more than 100% return. This makes the goal of $4 unreachable, as Bitcoin broke new grounds and XRP fundamentals are higher.
Finally, a combination of technical strength, market momentum, and future regulatory changes may propel XRP into previously untapped territory. For XRP holders, this could be an exciting journey to what many believe could be a new all-time high.
Featured image from DALL-E, chart from TradingView