XRP Rises Following Bullish Wedge Formation – Analyst Asserts It Will Not Fall ‘Under $2 Again’

XRP has decreased by 5% over the last 24 hours, settling at $2.57 on a day when the cryptocurrency market has increased by 1%.

The altcoin has experienced a significant couple of weeks, with its value rising by 80% in the past week and by 400% over the last month.

Some analysts now believe that XRP is in a robust position, with EGRAG CRYPTO recently asserting that the token will not fall below $2 again.

Indeed, XRP is currently so far above $2 that it may not be long before $3 becomes its macro support, with the coin likely to surpass its current all-time high in the first half of next year.

XRP Surges Amid Bullish Wedge Pattern – Analyst Claims It Will Never Drop ‘Below $2 Again’

The most optimistic aspect of XRP at this moment is that it has recently broken through a long-term wedge pattern, as highlighted by investor Raoul Pal a few days ago.

You have to acknowledge, $XRP is an impressive chart. The last time it broke a long wedge pattern, it surged another 5,600%! (obviously won’t repeat but you understand the point – it can rise significantly) Banana Zone Part 1 pic.twitter.com/MTs6fdJrT3

— Raoul Pal (@RaoulGMI) December 2, 2024

As Pal mentions, its previous breakout led to a gain of 5,600%, which would suggest a price of approximately $34.

If such a return is plausible, it makes EGRAG CRYPTO’s assertion of a $2 support appear quite conservative.

#XRP – $2: The Next Macro Support?
*****************************************************
Alert: This is your wake-up call!
You Might Not See #XRP Below $2 Again!
******************************************************
#XRP is just 29 days away from potentially… pic.twitter.com/LU3I9fkews

— EGRAG CRYPTO (@egragcrypto) December 2, 2024

Regardless, XRP has surged in recent days for two interconnected reasons.

The first is that Ripple’s legal challenges with the SEC are likely coming to an end, as Gary Gensler will resign as head of the regulator in January.

This could halt the SEC’s appeal against Ripple, with Donald Trump reportedly favoring the more pro-crypto Paul Atkins as Gensler’s replacement.

Secondly, Ripple CEO Brad Garlinghouse has already met with Donald Trump, which could signal favorable legislation and potential business agreements.

Consequently, XRP could experience significant growth next year, with the altcoin still yet to surpass its January 2018 all-time high of $3.40.

Examining its one-hour chart, it appears poised for a rebound after a correction yesterday.

Source: TradingView

Its relative strength index (purple) had dipped below 50 last night, but is now rising again, indicating momentum.

Simultaneously, its current price has surpassed its 30-period moving average (orange), another indication that buyers are returning.

And when combined with a trading volume of $42 billion today, it is evident that XRP still possesses considerable strength.

24,999,991 #XRP (67,237,760 USD) transferred from #Binance to unknown wallethttps://t.co/eREWkVBhK6

— Whale Alert (@whale_alert) December 3, 2024

It is on track to reach $3 by the end of the year and should exceed its current record high of $3.40 by Q2 2025.

New High-Potential Presale Coins

Diversification is often essential for a successful trading strategy, and while XRP appears very strong at present, traders should contemplate allocating resources to alternatives.

This approach will not only help balance periods when XRP is inactive but could also expose them to substantial returns, given the potential for certain new tokens to rally significantly.

One new coin with a promising chance of success next year is Crypto All-Stars (STARS), an ERC-20 token that has raised over $8.3 million in its highly popular presale.

Can’t Stop! Won’t Stop!
There’s a celebration at the All-Stars house and it’s not slowing down anytime soon!
8 Million is a significant milestone and with this level of support, Crypto All-Stars is sure to make its mark in meme coin history! pic.twitter.com/Mw11M6F1ys

— Crypto All-Stars (@all_stars_coin) December 3, 2024

The key to Crypto All-Stars’ success thus far is its ‘MemeVault’, a storage protocol that allows holders of any meme token to stake their assets.

Crypto All-Stars accomplishes this by utilizing the ERC-1155 multi-token standard, which can tokenize any cryptocurrency, including those not operating on the Ethereum blockchain.

This broadens the project’s user base, and what is particularly encouraging is that users who stake meme coins with its protocol will earn additional rewards if they hold more STARS tokens.

This suggests that STARS could generate significant demand, as holders of other tokens may use it to enhance their earnings.

Its sale will conclude in 16 days, but investors can still participate by visiting the official Crypto All-Stars website.

STARS is currently priced at $0.0016715, which is its final presale price.

However, with substantial backing and 19,000 followers on X, it could potentially surge well beyond this price in the upcoming weeks.

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