While the threat of a potential correction looms, the front-running altcoin doesn’t appear stirred yet, as today sees another 1.67% uptick in the XRP price.
XRP has far surpassed expectations with a 270% increase over November, but it doesn’t appear over as bullish projections for XRP eye a target much higher running into 2025.
However, cracks are starting to show today as XRP’s recent momentum dwindles somewhat, with a 38% lapse in trading volume, hitting $11.4 billion.
XRP Price Analysis: Could A Correction Derail the Path to $5?
Indeed, the concern that the recent rally may have been too much too quickly for the XRP price appears to be coming to a head as technical indicators raise alarms.
As the weekly Relative Strength Index (RSI) has reached deep overbought territory at 88, a correction seems like the natural and healthy next step for XRP to find stable footing for its next leg up.
However, this would do little to derail XRP’s path to $5, according to a recent X post by popular pseudonymous analyst Egrag Crypto.
The analyst likened the recent breakout of a symmetrical triangle pattern forming since mid-2017 to the breakout of a similar pattern in early 2017.
Given the current rally mirrors the 2017 breakout, the analyst sets a $5.30 XRP price, a 180% advance from current prices.
However, the projection comes with a caution. Just as the 2017 rally was followed by major corrections, a similar pattern could play out this time.
Egrag expects a potential 63% retracement after XRP reaches its peak. This would bring the price back just below the $2 mark, aligning with XRP’s previous all-time high in 2021.
The analyst also warned that the timeline of this rally may not match the last. Particularly as XRP seems to have far outpaced its fundamentals, given that the anticipated regulatory changes expected under the Trump administration have yet to get off the ground.
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The post XRP Price Forms Bullish Triangle Pattern, But RSI Signals Overbought Territory – Could XRP Hit $5 in December? appeared first on Cryptonews.
