XRP (CRYPTO:XRP) has outperformed Bitcoin and Ethereum in the Cryptocurrency market over the past month, in the wake of Ripple’s favorable legal developments.
The cryptocurrency hit $2.82, its highest level in nearly seven years, sparking speculation about possible even bigger gains.
| Cryptocurrency | Price | Market capitalization | 24 hour trend | 7 day trend |
| XRP (CRYPTO:XRP) | $2.38 | 136 billion dollars | -7.15% | +1.5% |
| Bitcoin (CRYPTO: BTC) | $98,442.51 | 1.94 trillion dollars | -1.6% | +3.7% |
| Ethereum (CRYPTO: ETH) | $3,859.76 | 465 billion dollars | -3.2% | +7.4% |
Trader analysis
Prominent cryptocurrency trader Ali Martinez sees XRP as both “overbought and undervalued.”
It signals its breakout of a multi-year symmetrical triangle, setting conservative and optimistic price targets of $8.40 and $48.12, respectively.
More Read
In the short term, Martínez predicts a possible drop to $2.25, which represents a buying opportunity with a target of $4.40.
$XRP: 3 consecutive bull pennants! We should all be praying for a retest of $2.25 to buy the dip and target $4.40! pic.twitter.com/KgXnM929yk
— Ali (@ali_charts) December 9, 2024
Trader CrediBULL Crypto analyzes the structure of XRP using Elliott Wave theory, suggesting that XRP has completed its first wave from $1.27 and is now in a corrective phase.
Depending on market conditions, this phase could resolve as an extended flat or a more bullish flat, which would not fall below $2.17.
Community News
Ripple CEO Brad Garlinghouse on Sunday criticized former SEC Chairman Gary Gensler during an interview on 60 Minutes.
Garlinghouse attributed much of the crypto industry’s regulatory woes to Gensler’s leadership, which he said led to Ripple and other companies forming the FairShake super PAC.
“FairShake wouldn’t exist if the SEC had a different chairman,” Garlinghouse said, framing the PAC as a response to what he calls “a fight against cryptocurrencies.”
FairShake, funded by Ripple and two other companies, aims to promote fair policies for the crypto industry and resist what it sees as regulatory overreach.
What’s next?
XRP’s rally comes amid increased Altcoin strength and signs of growing optimism in the cryptocurrency market following Ripple’s legal victories.
The coin’s ability to maintain gains and rise further will depend on whether it can hold key support levels during any decline.
You can also read: Iran regulates cryptocurrencies while Trump promotes pro-crypto legal framework in the US.
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