TL:DR;
- Ripple’s native token is poised to retrace in the short term, but that could be just the start of another rally that will push it to a new all-time high, said a popular analyst.
- XRP has cooled off after the recent gains and is actually 10% down on the week.
XRP took off a little late after Trump’s decisive win in the US presidential elections, but once it did, it stole the show completely. At one point, its gains had gone above 420% on a monthly scale as the asset climbed to a multi-year peak of almost $3.
As the community was praising and celebrating the move in anticipation of a new all-time high ($3.4, according to CoinGecko), XRP’s momentum vanished, and it started to lose value gradually. As mentioned above, the token now stands at an 11% weekly decline, and its price struggles to reclaim $2.4.
Consequently, it lost its third spot in terms of market cap to Tether. Moreover, popular analyst Ali expects a further decline in the short term.
$XRP: 3 consecutive bull pennants! We should all be praying for a retest of $2.25 to buy the dip and target $4.40! pic.twitter.com/KgXnM929yk
— Ali (@ali_charts) December 9, 2024
However, the strategist remains highly bullish on XRP’s long-term potential as he believes it will bounce off the $2.25 support and skyrocket to a new all-time high of $4.4. This would put its market cap at over $250 billion.
As reported earlier, Ali also put even more optimistic targets for XRP in the future, including a ‘conservative’ one of $8.4 and a highly outrageous one of $48.12.
With such quite optimistic predictions for XRP’s price during this cycle, one can’t help but wonder whether Ripple’s native token has the legs to surpass Ethereum (ETH) in terms of market cap.
