Although the majority of assets in the cryptocurrency market have turned a green leaf in what looks like the beginning of what Bloomberg has referred to as a ‘fresh supercycle,’ XRP has not been performing as well recently, but expectations of a bullish rally remain. So, is it too late to invest in it?
As it happens, XRP might rally as much as 120% in the next six months, provided that one of the two potential correction scenarios plays out, which could send the asset to new heights, challenging even the July highs triggered by the United States Federal Judge declaring its retail sales by Ripple as non-securities.
Potential scenarios
Specifically, one of these scenarios sees the XRP token correcting to $0.51, from which it would rally around 85% within the next six months, whereas dropping to $0.43 could send it upwards by as much as 120%, according to a recent chart analysis.
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Indeed, taking into account this chart pattern analysis, carried out by cryptocurrency analyst AlanSantana in a December 1 TradingView post and reported by Finbold on December 3, a period of six months is more than enough to get on the bandwagon and buy some XRP.
XRP price analysis
Meanwhile, XRP was at press time changing hands at the price of $0.6125, recording a decline of 4.18% in the last 24 hours, a 2.33% gain across the previous seven days, as well as a 1.42% drop on its monthly chart, as per the latest data retrieved on December 5.
All things considered, there is still time to invest in XRP, although things in the crypto industry can change rapidly, and the price increase for XRP might arrive sooner than expected if the settlement with the US Securities and Exchange Commission (SEC) concludes in the near future and favorably for Ripple.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
