Notably, XRP broke out of this 5.5-year accumulation phase after a 283% increase in November. However, as the rally continued into December, XRP is now facing price difficulties, falling from its recent high of $2.9 on December 3.
After weeks of fluctuating between $2 and $2.6, XRP plummeted to $2.15 amid the general market downturn following the US Federal Reserve’s 0.25% interest rate cut.
$251 Target
Despite these difficulties, analysts remain bullish. Market analyst Amonyx noted that the November breakout from the 5.5-year accumulation phase confirms XRP’s strong upside potential.
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Amonyx compares this breakout to a similar situation in March 2017. After four years of accumulation, XRP surged 284% in March 2017, breaking the pattern and kicking off a phenomenal rally of nearly 60,000% from $0.0055 to an all-time high of $3.31 in January 2018. Amonyx predicts that this rally could repeat itself in 2024. He expects XRP to reach an ultimate target of $251, which corresponds to the 161.8% Fibonacci retracement level. If achieved, this would represent a 50,100% increase from the $0.50 price in early November 2024. However, most investors consider this target to be quite ambitious.
