XRP Primed for Major Rally as Analysts Eye $4 and $8.76 Price Targets
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Technical Indicators Signal Bullish Momentum
Crypto analyst DarkDefender highlighted that XRP has broken above a descending trendline on the four-hour chart, a move signaling a potential reversal of its previous downtrend. For the bullish scenario to solidify, a daily close above $2.52 is critical.
Additional bullish signals include XRP trading above the Ichimoku Cloud and a Golden Cross formation on the Relative Strength Index (RSI), both of which indicate rising buying pressure and improving market sentiment.
Key Levels and Projections
Immediate resistance lies at $2.52, with a potential retest of the December 3 high at $2.71. Analysts have outlined short-term targets of $4 and $8.76, supported by historical price patterns and bullish technical setups. Notably, a bull flag pattern identified by analyst Ali Martinez suggests a rally to $4 is imminent, with $2.46 as the key breakout level.
Ecosystem Growth and Derivatives Confidence
Ripple’s ecosystem is gaining traction, particularly with the recent NYDFS approval for its stablecoin, RLUSD. Derivatives market data also supports the bullish narrative, with options open interest rising by 16.20% and a Binance long/short ratio of 3.845, reflecting growing trader confidence.
Long-Term Outlook
While short-term targets remain at $4 and $8.76, some analysts envision XRP reaching as high as $48 in the long term. If XRP achieves $8.76, it could surpass Ethereum’s market cap, solidifying its position as the second-largest cryptocurrency.
With strong technical indicators and an expanding ecosystem, XRP is poised for further gains in the ongoing market recovery.
