TL:DR;
- Ripple’s native token is poised to pull back in the near term, but that could just be the start of another rally that will take it to a new all-time high, a popular analyst said.
- XRP has cooled off after recent gains and is actually down 10% on the week.
XRP took off a little late after Trump’s decisive victory in the US presidential election, but once it did, it completely stole the show. At one point, its gains had surpassed 420% on a monthly scale as the asset rose to a multi-year high of nearly $3.
As the community praised and celebrated the move in anticipation of a new all-time high ($3.4, according to CoinGecko), XRP’s momentum faded and it began to gradually lose value. As mentioned above, the token is now down 11% weekly and its price is struggling to recover $2.4.
Consequently, it lost its third place in terms of market capitalization to Tether. In addition, popular analyst Ali expects a new 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 very bullish on XRP’s long-term potential as he believes it will bounce off the $2.25 support and shoot to a new all-time high of $4.4. This would put its market capitalization at more than $250 billion.
As previously reported, Ali also set even more optimistic targets for XRP going forward, including a “conservative” one of $8.4 and a very outrageous one of $48.12.
With such optimistic predictions for the price of XRP during this cycle, one can’t help but wonder if Ripple’s native token has the legs to overtake Ethereum (ETH) in terms of market capitalization.
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