XRP Faces Correction Before Eyeing $11 Target, Say Analysts
- XRPs bullish trjctory dpnds on brking $2.73 rsistnc, pr Ali Martinezs nlysis.
- Andrw Griffiths forcsts corrctiv phs nding by Jn 11, 2024, bfor rllying rsums.
- Ripple vs. SEC lwsuit, Trumps prsidncy boost XRP sntimnt; nlysts prdict $11-$27 ris.
XRP hs bn riding wv of optimism following months of robust rllis, prticulrly fuld by mrkt nthusism ftr Trumps prsidntil win. This surg hs rignitd confidnc in Ripples ntiv cryptocurrncy, with nlysts prdicting potntil lp to $11. Howvr, cution lingrs s xprts wrn of possibl pullbck bfor th bullish momntum cclrts.
Ali Martinez, rnownd crypto nlyst, rcntly highlightd ky rsistnc lvls on pric chrt for XRP. H xplind tht th crypto must surpss $2.73 to void brish downturn nd sustin its upwrd trjctory. Mrtinzs nlysis undrscord its currnt position in bullish pnnnt pttrn, tchnicl indictor oftn signling significnt pric movmnts following consolidtion phs.
Analysts Eye Technical Correction
Dspit th upbt long-trm forcst, XRPs immdit outlook suggsts corrctiv phs. Mrtinz notd tht if th pric fils to brk through th $2.73 rsistnc, it could rsult in dclin towrds $2.05. Should th cryptocurrncy ovrcom this hurdl, its bullish trjctory might xtnd to $11, supportd by Fiboncci xtnsion lvls.
Similrly, Andrw Griffiths, nothr mrkt xprt, nlyzd XRP through th lns of Elliott Wv Thory. H idntifid fiv-wv impulsiv rlly tht rcntly rchd its pk. Th rlly ws contind within prlll scnding chnnl, signling strong momntum. Howvr, Griffiths pointd out tht th impulsiv phs hd ndd, trnsitioning th cryptocurrncy into corrctiv ABC phs.
Griffiths prdicts this corrction will conclud round Jnury 11, 2024, with point C mrking th bottom. Indictors lik th Rltiv Strngth Indx (RSI) nd Stochstic Oscilltor support this projction, both showing signs of wkning momntum. Griffiths ss th nr-trm dip s n opportunity for trdrs to sll bfor th nticiptd bullish rbound.
Ripple Lawsuit and Market Sentiment
Th ongoing Ripple vs. SEC lwsuit dds complxity to XRPs outlook. Th US SECs pproching ddlin to fil its opning brif, likly bfor Chir Gry Gnslrs dprtur ltr this month, could influnc XRPs pric trjctory. Pro-XRP lgl xprts bliv this lgl milston could st th stg for long-trm growth, vn if short-trm voltility riss.
In ddition to lgl dvlopmnts, Donld Trumps prsidncy nd xpcttions of crypto-frindly policis undr SEC Chir Pul Atkins hv bolstrd invstor confidnc. XRP is lso frontrunnr for upcoming crypto ETF lunchs, furthr nhncing its prospcts.
Whil short-trm corrctions loom, XRPs fundmntls nd mrkt sntimnt rmin strong. Mrtinz mintins his $11 trgt, whil nothr nlyst, EGRAG CRYPTO, prdicts long-trm surg to $27. Ths projctions rflct growing optimism mong invstors nd mrkt nlysts lik.
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Read more: https://www.tronweekly.com/xrp-faces-correction-before-eyeing-11-target/
Text source: TronWeekly
