XRP Aims for $8.40, Conservative Prediction by Expert
Despite continued price consolidation, Ripple Labs’ native token XRP is still gaining a lot of attention from experts as well as whales/institutions. Today, December 8, 2024, a cryptocurrency expert posted on X (formerly Twitter) and made a bold prediction that attracted widespread attention from crypto enthusiasts.
XRP Price Predictions from Crypto Experts
In a post on X, followed by a diagram, expert To others, XRP looks overbought, but to me, it looks undervalued after breaking out of a multi-year symmetrical triangle price action pattern. Furthermore, he predicted a conservative target of $8.40 for XRP and an optimistic target of $48.12.
This XRP prediction attracted the attention of more than 150,000 cryptocurrency users on X. However, experts are yet to specify when XRP will reach these levels in the coming days.
XRP Technical Analysis and Upcoming Levels
In addition to this unrealistic prediction, CoinPedia’s technical analysis suggests that XRP is looking bullish, but it is currently in a pennant price action pattern on the daily time frame. However, the price has entered a tight zone and is poised to break out.
Based on recent price action and historical momentum, if XRP breaks out of this pattern and closes above $2.65, it has a good chance of surging 60% to reach $4.20 levels in the coming days.
Meanwhile, XRP’s relative strength index (RSI) further supports this bullish outlook, currently sitting at 60, below the overbought threshold of 70. This technical indicator suggests that the altcoin has enough room to rise significantly in the coming days to achieve its predicted level.
Open interest rises
Along with this bullish price action, trader participation has skyrocketed, reported on-chain analytics firm Coinglass. Currently, XRP’s open interest has increased by 5.4% in the past 24 hours and continues to rise steadily, indicating that new positions are being formed.
Current Price Momentum
At press time, XRP was trading close to $2.58, with prices up more than 3.10% in the past 24 hours. However, its trading volume fell by 13% during the same period, indicating that traders and investors were less engaged than the previous day.
