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XRP is gaining momentum, with one well-known expert predicting an all-time high in the $4 region. XRP Joining the cryptocurrency market’s rally, it recently reached $0.5740, up 11% from yesterday’s price of $0.514.
Bitcoin’s record high has provided a broader boost to the market, and XRP is leveraging this momentum to push its price higher. For many investors, this is an encouraging sign that the altcoin may eventually regain its higher price points.
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However, market momentum is not the only factor at play here. Analyst CoinsKid, famous for his massive following on social media site Using the 2-year weekly chart, CoinsKid found significant resistance and support levels, meaning it could break out to new highs.
He is #XRP On its way to $4? A new all-time high for this #encryption!
Hold the green line and take out the orange line and it wouldn’t surprise me to run to the top red line.
Good luck CKC 🙌 pic.twitter.com/NYBl2igF9g
— Queens Kid (@Coins_Kid) November 6, 2024
Technical points to watch
CoinsKid chart It shows three major resistance points for XRP: $0.94, $1.50, and $2.50. These levels are crucial because they have historically served as a ceiling for XRP. For example, in July, the coin peaked at $0.94 before falling, right after a court ruling declared the asset not a security. This was a major milestone, but the excitement faded when the price failed to stay above this level.
The analyst believes that XRP will break through these resistance points without having to retest the lower support level of $0.3798. If the altcoin continues on its current trajectory, it could eventually reach a peak of around $4, according to CoinsKid. For investors, this could mean a big profit, especially if the market maintains its current bullish tone.
Organizational hope fosters optimism
The legal environment in the US is another thing that makes people feel good about XRP. Recent reports say that when President-elect Donald Trump He will take office in January 2025, replacing Gary Gensler as Chairman of the SEC.
Many in the cryptocurrency space are interested in this theory, especially XRP enthusiasts who feel this way Gensler exits It will speak well for a more positive perspective towards altcoins and cryptocurrencies.
Trump’s campaign to reorganize the Securities and Exchange Commission has added to this optimism. Many believe that removing Gensler would give XRP greater freedom to operate without many legal barriers. Such a shift in the regulatory landscape could be a huge win for XRP, sending the price higher.
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Future price forecasts look bright
Looking to the future, the XRP price forecast also looks very promising. Analysts expect a 14% increase in the next three months, and its potential growth in six months is much higher, reaching 160%. A one-year prognosis means that the asset can receive returns of more than 100%. This makes the $4 target not out of reach, given that Bitcoin has made new breakouts and XRP fundamentals are high.
Finally, the combination of technical resilience, market momentum, and future regulatory reforms could push XRP into previously uncharted territory. For XRP holders, this could be an exciting ride to what many believe will be a new all-time high.
Featured image from DALL-E, chart from TradingView