XRP has fallen by 5% in the past 24 hours, dropping to $2.57 on a day when the crypto market has risen by 1%.
The altcoin has had a big couple of weeks, with its price up by 80% in seven days and by 400% in 30.
Some analysts now hold that XRP is in a very strong position, with ERGAG CRYPTO recently claiming that the token will never drop below $2 again.
Indeed, XRP is now so far beyond $2 that it may not be long before $3 becomes its macro support, with the coin likely to pass its current ATH in the first half of next year.
XRP Surges Amid Bullish Wedge Pattern – Analyst Claims It Will Never Drop ‘Below $2 Again’
The most bullish thing about XRP right now is that it has recently broken through a long-term wedge pattern, as pointed out by investor Raoul Pal a couple of days ago.
As Pal notes, its last such breakout resulted in a gain of 5,600%, which would imply a price of around $34.
Assuming that such a return is likely, it makes ERGAG CRYPTO’s claim of a $2 support seem very modest.
Regardless, XRP has taken off in recent days for two interrelated reasons.
The first is that Ripple’s legal issues with the SEC are likely over, given that Gary Gensler will step down as head of the regulator in January.
This could put a halt to the SEC’s appeal against Ripple, with Donald Trump reportedly favoring the more pro-crypto Paul Atkins as Gensler’s successor.
Secondly, Ripple CEO Brad Garlinghouse has already met Donald Trump, something which could be a precursor to favorable legislation and to potential business deals.
As such, XRP could really explode next year, with the alt still yet to overtake its January 2018 ATH of $3.40.
Looking at its one-hour chart, it looks ready to bounce back up again after correcting yesterday.
Source: TradingView
Its relative strength index (purple) had fallen below 50 last night, but is now climbing again in a show of momentum.
At the same time, its current price has overtaken its 30-period moving average (orange), another sign that buyers are returning.
And when coupled with a trading volume of $42 billion today, it’s clear that XRP still has plenty of strength.
It’s on course to reach $3 by the end of the year, and should pass its current record high of $3.40 by Q2 2025.
New High-Potential Presale Coins
One new coin with a great chance of going big next year is Crypto All-Stars (STARS), an ERC-20 coin that has raised over $8.3 million in its incredibly popular presale.
The secret to Crypto All-Stars’ success so far is its ‘MemeVault’, a storage protocol in which holders of any meme token can stake their funds.
Crypto All-Stars achieves this via harnessing the ERC-1155 multi-token standard, which can tokenize any cryptocurrency, including coins not running on the Ethereum blockchain.
This opens up the project to a huge user base, and what’s especially bullish is that users who stake meme coins with its protocol will receive more rewards if they hold more STARS tokens.
This means that STARS could attract huge demand, with holders of other tokens using it to boost their earnings.
Its sale will end in 16 days, but investors can still join it by going to the official Crypto All-Stars website.
STARS currently costs $0.0016715, which is its final presale price.
But with a huge raise behind it and 19,000 followers on X, it could rally well beyond this price in the next few weeks.
Check Out Crypto All-Stars Here
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