TL;DR

It has been more than a month since Ripples native token registered a massive leg up that drove it beyond its 2018 all-time high to set a new one at $3.65. Although the asset has lost a sizeable chunk of its value since then, analysts remain bullish about its potential for a new record this year. Bullish path for $XRP:

defend $2.70,

break $2.90,

then target $3.70. pic.twitter.com/eZbNh3ZP5C

The first big challenge for XRP is to stop the recent freefalls. Recall that the asset dumped by over 25% since its mid-July ATH in a drop to $2.70 marked earlier today. This became its lowest price tag since July 13.

However, there are certain positive signs that this correction could be coming to an end, such as the number of tokens accumulated by large investors known as whales.

If the asset indeed defends that level, the next obstacle toward a new all-time high would be to break the $2.90 resistance. After that, the popular analyst with over 150,000 followers on X noted that XRPs next target will be beyond the current record at $3.7.

While this may sound a bit unlikely at the moment, given the current market sentiment, Ripples token has proven in the past year that it is capable of massive price runs. Just a year ago, it traded at $0.60 before it exploded to $3.40 in January at the aforementioned new peak at $3.65 during the summer.

Many analysts on Crypto X certainly believe in the assets positive future. For instance, Charting Guy noted that XRP could be at the end of a five-wave ascending channel, which could result in a price surge to $4.16, $4.63, and $5.39.

Also, if you want to know what the most popular AI chatbots, such as ChatGPT and Grok, think about XRPs potential by the end of the year and whether it could break its ATH, you can check this article.