TL:DR;

• Ripple’s native token is poised to retrace in the short term, but that could be just the start of another rally that will push it to a new all-time high, said a popular analyst.
• XRP has cooled off after the recent gains and is actually 10% down on the week.

XRP took off a little late after Trump’s decisive win in the US presidential elections, but once it did, it stole the show completely. At one point, its gains had gone above 420% on a monthly scale as the asset climbed to a multi-year peak of almost $3.

As the community was praising and celebrating the move in anticipation of a new all-time high ($3.4, according to CoinGecko), XRP’s momentum vanished, and it started to lose value gradually. As mentioned above, the token now stands at an 11% weekly decline, and its price struggles to reclaim $2.4.

Consequently, it lost its third spot in terms of market cap to Tether. Moreover, popular analyst Ali expects a further decline in the short term.

$XRP: 3 consecutive bull pennants! We should all be praying for a retest of $2.25 to buy the dip and target $4.40! pic.twitter.com/KgXnM929yk

— Ali (@ali_charts) December 9, 2024

However, the strategist remains highly bullish on XRP’s long-term potential as he believes it will bounce off the $2.25 support and skyrocket to a new all-time high of $4.4. This would put its market cap at over $250 billion.

As reported earlier, Ali also put even more optimistic targets for XRP in the future, including a ‘conservative’ one of $8.4 and a highly outrageous one of $48.12.

With such quite optimistic predictions for XRP’s price