Outside Source
TL:DR;
- XRP continues to steal the show as it skyrocketed to $2.5 earlier today, thus coming less than $1 away from its all-time high of $3.4.
- The ever-vigilant Ripple community was quick to outline new peaks for the asset, with some slightly ridiculous predictions of up to $20.
Will XRP See New All-Time High Soon?
The cryptocurrency market has been on fire ever since Donald J. Trump won the ’24 US presidential elections nearly a month ago. The charge was initially led by Bitcoin, which broke its March all-time high of $73,737 and skyrocketed to just shy of $100,000 for its latest peak.
Numerous altcoins followed suit with immediate gains, such as Dogecoin, while others, like XRP, trailed behind at first but joined the party later and exceeded most expectations. Ripple’s token has been at the forefront of gains in the past month, having surged by 350% and tapping $2.5 earlier today for the first time since January 2018.
Moreover, it surpassed several crypto assets on its way up in terms of market cap and even entered the top three briefly today.
The XRP army, one of the most popular crypto communities, celebrated the move, and many posted their predictions about the asset’s future behavior. According to Xena XRP, the $3 level remains the biggest obstacle now in the token’s path toward a new all-time high of $3.4. If it breaks, then comes “price discovery… levels XRP has never been before.”
JayXRP forecasted that the token will surge to $3.19 this week, while business consultant and market observer Jacob Canfield said XRP could rise up to $6.6, which is the “ideal FOMO target.” However, he believes there will be a pull back soon before the asset heads north again.
The only difference between this $XRP move and those in the past is the price of Bitcoin is 5X higher than it was in 2017.
If we use Canfield Fibonacci extensions to give us an idea of where this move may take us, it would be at the 11.09 fib exension.
This would put the price… pic.twitter.com/fNYay1eFLF
— Jacob Canfield (@JacobCanfield) December 2, 2024
$5, $8, or $20?
Tony Edward, the host of Thinking Crypto Podcast, was also quite bullish on XRP, indicating a price target of somewhere between $5 and $8. At the same time, he blasted the quite ridiculous predictions of up to $10,000.
My $XRP price target for this cycle $5-$8. It could go a bit higher but I’m gonna play it safe and be conservative. People who are calling for $589, $1,000, and $10K are smoking crack. pic.twitter.com/joXwhGcxMq
— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) December 2, 2024
CryptoGeek outlined $19.28 as a potential target for XRP, but that also falls under the ‘exaggerated’ category, at least for now. With its current supply of over 57 billion tokens, such a price would put its market cap at $1.1 trillion, which would be second only to Bitcoin in the crypto industry.
This article first appeared at CryptoPotato
