XRP price is down 13% from its peak of $2.75 last week but traders continue to remain bullish on the altcoin per its technical chart.
The XRP price XRP $2.23 24h volatility: 2.6% Market cap: $131.78 B Vol. 24h: $2.92 B is down by 6.68% in the last 24 hours following the pullback in the broader crypto market. From its top of $2.75 last week, the XRP price has corrected more than 13% and is currently trading at $2.38 with a market cap of $136 billion.
However, popular crypto trader Ali Martinez continues to stay bullish on XRP eyeing much higher price levels and a mega rally to $48.12. Crypto analyst Ali Martinez shared an optimistic outlook for XRP, noting the formation of three consecutive bull pennants. Martinez expressed hope for a dip retest at $2.25, which he sees as an opportunity to buy, with a target price of $4.40.
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Courtesy: Ali Charts
Following the 400% XRP price rally over the last month, some crypto market analysts suggested that the altcoin remains overvalued as of now. However, Martinez is taking a contra bet against the popular opinion.
While some consider XRP overbought, Martinez believes the token is undervalued after breaking out of a multi-year symmetrical triangle. He provided a conservative price target of $8.40 and an optimistic target of $48.12 for XRP in the near future.
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Courtesy: Ali Charts
The Ripple altcoin has become the traders’ most preferred choice in recent times following the mega rally over the past month. In markets such as South Korea, XRP has become the traders’ choice over Bitcoin where the crypto market frenzy has been catching up fast.
This happened as the country faced political turmoil last week with the brief introduction of a Martial law, before revoking it by President Yoon Suk Yeol.
Veteran Trader Turns Bullish on XRP after Previous Criticism
XRP market capitalization has recently broken out above a significant triangular consolidation pattern, which veteran trader Peter Brandt has referred to as “the most important” chart in cryptocurrency. Brandt, who was once a vocal critic of XRP, has faced criticism for his sudden change in stance. Earlier this year, he had dismissed the token, predicting its value would plummet.
This the most powerful chart in all of crypto world $XRPUSD pic.twitter.com/UexaPB4D9r
— Peter Brandt (@PeterLBrandt) December 7, 2024
Following a Ripple vs. SEC update, legal experts have shared key insights on the Appeal Court notice. The impressive XRP price surge is driven by growing optimism around the potential resignation of SEC Chair Gary Gensler and rising excitement for an XRP ETF. With the token now only 25% shy of its all-time high, market sentiment indicates that the rally may not be finished yet.
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