While the Bitcoin price continues to linger around the $43,500 region, the rallies in altcoins have started to calm down. Today’s PCE data was extremely important and came out quite favorable for cryptocurrencies. As optimism for the size of interest rate cuts for the coming year increases, BTC continues to remain silent. So, what is the year-end target for XRP Coin?
Ripple (XRP) Analyst Commentary
Bitcoin’s price looks ready to make new peaks above $44,000 again. Recent developments and over 30 new meetings with the SEC are increasing risk appetite. Of course, during this process, XRP Coin and other altcoins will need to turn their direction upwards. The crypto king, after correcting to $40,000, has returned to the $44,000 region but has not yet started a repeat of the sudden upward movement experienced at the previous two resistances.
On the weekly chart, the XRP Coin price has been above the rising support trend line since May. The peak of $0.94 triggered by the SEC victory in July has not yet been moved higher. The weekly RSI is promising for the bulls as it increases along with the price, especially with closings above $0.62.
Popular crypto analyst MisterChoc is not so optimistic about the medium-term outlook and says we might see a correction similar to what happened in 2018 and 2020. However, the second analyst, Louie, expects the XRP price to break out of the long-term symmetrical triangle formation and reach new peaks.
XRP Coin Year-End Prediction
Readings on the daily chart are positive because the XRP Coin price has escaped the long-term decreasing resistance trend line in October and a short-term trend line in December. Since BTC’s current short-term outlook is also positive, there’s justified optimism.
If the RSI can also anchor above the neutral zone on the daily chart, we might see the expected test of $0.75 begin. Despite this bullish forecast, closings below $0.60 could cause the price to retract to as low as $0.47.
With year-end excitement, cryptocurrencies are likely to make a nice overall closing. If the expected scenario unfolds, we should see at least a few weeks of FOMO period with ETH confirmation. This could mean that with closings above $0.75, the XRP Coin price could run towards the targets of $1 and $1.35.
