Key Takeaways
- XRP can rally by 25,000%, says top trading expert Shannon, who believes XRP has such potential.
- XRP price trades around key monthly support as bears build on current market action in anticipation of further price decline.
- VipRose expects the price of XRP to rebound from its current price action toward its key resistance of $3, with more upside potential.
The crypto market could be poised for a rebound following a price decline in the past few months, affecting trading activities and market sentiment. The number of active addresses and transactions on notable crypto platforms, such as the XRP ledger, has dropped significantly over the past few weeks, highlighting caution around the market in trading activities.
The price drop of XRP from its high of $3.45 to a region of $2 as the price struggles to defend this zone by a slender margin shows XRP’s strength, coupled with bullish price sentiment, keeping its price from dropping significantly, following the steps of other crypto assets.
Source – XRP Price Activity From Santiment
On-chain data from Santiment shows reduced volume in trading activity across the XRP ecosystem with the price of XRP trading below its 50-day and 200-day MAs (Moving Averages), indicating a strong bearish push for the XRP in the last couple of weeks.
Source – Shannon XRP Price Prediction on X
Despite such sentiment surrounding XRP, one of the best-performing crypto assets of 2024, financial expert Shannon Thorp believes the current XRP price is just the tip of what the price is expected to do in the next two years. The price of XRP is expected to rally by over 25,000%, hitting a high of $500 per XRP token.
XRP Price Analysis – Will XRP Price Go Up or Down?
XRP price has declined to recent monthly key support of $2 as a rebound for XRP price is expected, with price holding above its support zone, strongly preventing price from dropping to lower regions.
If sell-side pressure overwhelms buy-side pressure, we could see the price of XRP crash to lower support regions, with the price expected to show some bullish price action. With XRP price displaying bearish price action and less trading volume to the upside, traders and investors remain cautious regarding XRP trade.
VipRose, a top crypto trader, has speculated that the price of XRP defending its support zone of $2 could see the price start recovery and rally to the upside towards a high of $3 and above. If such a rally is sustained, the price could make new historical highs in the coming months.
The price of XRP rallying above its key resistance of $2.6 and $3 could mean an intense bullish price action for the price as the price has struggled in the past few weeks to break above this region, preventing the price from rallying to the upside.
