A market analyst confirms that $XRP has claimed four of its previous price targets amid the recent uptrend, identifying levels to start taking profits.
$XRP has been riding an impressive bullish wave following the Donald Trump election victory in early November. The token rallied by over 283% by the end of that month and maintained the upward push.
The excitement around Ethereum’s breakout is fueled by strong momentum, with the price pushing higher after October’s breakout. The analyst has set a target range of $6.8K to $8.5K based on Fibonacci retracement levels, especially following the market’s recovery from the 2022 bear market. Market Factors Driving the Surge Several factors are contributing to Ethereum’s rise, including Layer 1 revenue growth, competition from Layer 2 solutions, and the upcoming Dencun upgrade, which is expected to lower fees for Ethereum users in March 2024. Despite lower fees, Ethereum’s base layer has still generated around $10.9 million in December, indicating strong underlying demand.