Though the community received it positively, XRP’s staggering rally through much of November 2024 ensured the token came well within the overbought territory.
Indeed, such an assessment was proven correct in early December as the cryptocurrency stopped its surge shortly after breaking above $2.80 and almost crashed to $2.20 before stabilizing.
XRP 30-day price chart. Source: Finbold
Despite the original bull run appearing over for the time being, the on-chain analyst and digital assets expert, Ali Martinez, explained on X that he believes the long-term trends and associated analyses still favor a continued – and, eventually, even greater – rally for XRP.
Crypto expert sets $48 as the XRP price target
Specifically, Martinez directly countered the idea that XRP was truly overbought as the token’s long-term chart reveals that the November surge constituted an important breakout from a ‘massive’ multi-year symmetrical triangle.
A symmetrical triangle is a chart pattern in which the support trend line connects the lower highs, the resistance trend line is drawn using the higher lows, and the two ultimately converge in an equal slope.
Though the pattern itself shows the continuation of a trend and can lead to a shift in either direction, XRP’s move from $0.5 in early November to $2.37 at press time on December 9 demonstrates a decisive bullish breakout.
Finally, along with estimating that the token is not only overbought but, arguably, remains undervalued, the expert also provided two price targets they deem likely for the cryptocurrency.
According to the expert, XRP is bound for a rally to $8.40, which he described as a highly plausible estimate. Furthermore, thanks to the current setup, the token might also go as high as $48.12 – a 1,888.43% upside.
Furthermore, the forecast may be coming to fruition already at press time, as the very same cryptocurrency analyst pointed out on December 9 that the token has had three consecutive bull pennants. They also added in their X post that the ideal scenario would be a correction to $2.25 to ‘buy the dip’ with the immediate next target standing at $4.40.
Why XRP will likely regain old highs in 2025
Moving beyond the technical setup and price history, a continued rally for XRP in 2025 appears likely. The token is associated with one of the biggest companies in the sector – Ripple Labs – and, despite its continued popularity, its value has been depressed by the ongoing legal battle with the Securities and Exchange Commission (SEC) for years.
The latest rally followed a string of direct and vicarious victories: Ripple made substantial gains in the courtroom, Donald Trump – seen as far more crypto-friendly than either Joe Biden or Kamala Harris – was re-elected, and Gary Gensler confirmed he would be resigning as SEC Chair on January 20.
Considering that the factors that enabled the rally in November remain in play and that a period of consolidation is commonly seen after significant rallies, Martinez’s optimistic forecast appears more than plausible.
Still, one possible cause for pessimism might be that XRP owed much of its popularity to Ripple’s dogged defense against the SEC – seen as taking a stand on behalf of the entire cryptocurrency industry – and its staying power to the many investors who purchased at the 2018 and 2022 highs and were, until the most recent rally, overwhelmingly in the red.
Featured image via Shutterstock
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