The price of XRP has recorded a strong rally over the past few months, especially after Trump's victory has boosted the market. Adding to the excitement, a leading market expert recently shared a bullish forecast for Ripple's native crypto, predicting a possible rise to $11. However, despite the outlook positive in the long term, the expert said that the crypto could see a pullback before the strong rally.
Top Expert Predicts XRP Price Rally To $11
As the price of XRP recorded a strong rally recently, market experts remained positive on the future direction of the coin. For context, crypto market expert Ali Martinez recently shared a price chart showing the main levels for Ripple's native crypto. He has shared a key resistance level that the crypto should break to avoid the bearish trend ahead.
For context, the expert said that the focus remains on crypto price action as it consolidates within a bullish pennant pattern. In addition, he said that crypto may fall to $2.05 ahead “until the $2.73 resistance is broken.” However, despite the warning about short-term performance, the analyst noted that the crypto could rally to $11 after the “pullback. “
In other words, this study suggests that while the long-term outlook is optimistic, traders should prepare for potential short-term volatility. Historically, bull pennant patterns indicate rallying levels, followed by significant price movements. XRP's current technical position aligns with this, indicating a possible move before reaching new highs.
Meanwhile, the growing bullish sentiment in the crypto market is adding more momentum to XRP. In particular, this projection reflects both the token's strong fundamentals and renewed investor confidence in the broader crypto market.
A closer look at Ripple's native crypto & its prospects
The warning of a short-term pullback in the price of XRP also aligns with the current market sentiment as the US SEC's deadline for the opening brief filed in the approaching Ripple Vs SEC lawsuit. In particular, several experts believe that SEC Chairman Gary Gensler would file the opening brief before he leaves office later this month.
This development, if it happens, could affect the price path of the token. However, despite this, the market sentiment remained high over the long-term position for XRP. For context, in a recent X post, a pro-XRP lawyer recently mentioned the potential decision timeline of the ongoing XRP lawsuit.
On the other hand, the prospect of positive crypto developments under the presidency of Donald Trump and crypto-friendly SEC Chairman Paul Atkins has further strengthened sentiment. In particular, XRP is one of the main contenders among the top crypto ETFs expected this year.
Having said that, market experts expect these developments to push the XRP price to a new high, possibly to $11 as Martinez predicted. In addition, another leading analyst EGRAG CRYPTO has reiterated his supportive position on XRP, saying that the crypto is ready to hit $27 in the long term.
Red Rupa
Rupam is a seasoned professional with three years of experience in the financial market, where he has earned a reputation as a research analyst and insightful journalist. It succeeds in exploring the dynamic nuances of the financial landscape. Currently a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role includes breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam's career has been marked by a deep passion for solving financial complexities and delivering impactful stories that resonate with diverse audiences.
Disclaimer: The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication is responsible for your personal financial loss.
Source: https://coingape.com/xrp-price-likely-to-face-correction-before-rallying-to-11/
✓ Category: