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Ripple's XRP token is making headlines once again, not solely due to its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), as reported by Coinfomania. The token's present price action is forming a bullish pennant, a technical pattern that could foreshadow a significant price movement.
One crypto analyst has identified this setup and made a bold prediction, suggesting that XRP could hit $11 soon. This claim has certainly garnered attention, with many wondering if it holds any merit.
On X (Twitter), the well-known analyst elaborated on XRP's current consolidation phase. The token's price is fluctuating within a tight range, encountering resistance at the $2.73 level.
According to the analyst, XRP might briefly dip to $2.05 before surging for a breakout. If it closes above $2.73 on the daily chart, they posit that the path to $11 could open up.
However, at the time of writing, XRP is trading at about $2.42, having slipped by 1.50% in the past 24 hours. Trading volume has also decreased by 25%.
Another Perspective on XRP's Price Action
While some analysts are anticipating a rapid ascent to $11, others maintain a more measured outlook.
Analysts at CoinPedia noted that XRP has already broken out of a bullish flag and pole pattern and is now retesting a critical support level at $2.40. If XRP manages to hold this support and close above it, they anticipate further upward momentum.
They even suggest a potential 40% rally, which would take XRP to $4.50—not quite $11, but still a substantial gain.
Assessing the Sentiment: How the Market Feels
Despite the price pullbacks, the overall sentiment around XRP seems to be positive. The Fear & Greed Index, which gauges market sentiment, is indicating “extreme greed” at a value of 76.
This upbeat mood is further reflected in XRP's 14-day RSI (Relative Strength Index), which currently stands at 58.51, suggesting that the token could still experience more price increases before being considered overbought.
However, some price predictions for XRP, such as those from Gov Capital, hint at a potential dip to $2.34 by early February 2025, which would mark a slight decrease of 2.08% from the current price.
With XRP posting 16 green days out of the past 30 and maintaining a manageable volatility of 5.71%, there's certainly a lot for investors to monitor and consider.
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