XRP Aims for $8.40, Conservative Prediction by Expert

The post XRP Aims for $8.40, Conservative Prediction by Expert appeared first on Coinpedia Fintech News

Despite the ongoing price consolidation, XRP, the native token of Ripple Labs gaining massive attention from experts as well as whales/institutions. Today, December 8, 2024, a crypto expert made a post on X (previously Twitter) and made a bold prediction that has captured widespread attention from crypto enthusiasts.

In a post on X, followed by a chart, the expert noted, that for others, XRP looks overbought, but for me, it appears undervalued after breaking out of the multi-year symmetrical triangle price action pattern. Additionally, he predicted that XRP’s conservative target is $8.40, while its optimistic target is $48.12.

This XRP prediction has captured the attention of over 150,000 crypto users on X. However, the expert has not specified when XRP might reach these levels in the coming days.

Besides this unrealistic prediction, CoinPedia’s technical analysis hints that XRP appears bullish but currently, it is there in a pennant price action pattern on a daily time frame. However, the price has entered a narrow zone and is poised for a breakout.

Based on recent price action and historical momentum, if XRP breaks out of this pattern and closes a daily candle above the $2.65 level, there is a strong possibility it could surge by 60%, reaching the $4.20 level in the coming days.

Meanwhile, XRP’s Relative Strength Index (RSI) further supports this bullish outlook, as it currently stands at 60, below the overbought threshold of 70. This technical indicator suggests that the altcoin has enough room to rise significantly in the coming days to achieve its forecasted level.

With this bullish price action, traders’ participation has skyrocketed, as reported by the on-chain analytics firm Coinglass. Currently, XRP’s open interest has increased by 5.4% in the past 24 hours and continues to rise steadily, indicating the formation of new positions.

At press time, XRP is trading near $2.58 and has registered a price gain of over 3.10% in the past 24 hours. However, its trading volume has dropped by 13% during the same period, indicating reduced participation from traders and investors compared to the previous day.