XRP News Today: XRP Price Surges 2% as Veteran Raoul Pal Predicts New All-Time High

Crypto veteran Raoul Pal has expressed his optimism about the future price of XRP, predicting that the altcoin still has significant upside potential. Pal believes that XRP is poised to reach a new all-time high (ATH) as it continues to rally.

In a recent YouTube video, Pal highlighted the impressive chart pattern of XRP, noting that the altcoin has formed a bull flag since its parabolic rally to the $2 range. He suggested that the current consolidation phase, which typically precedes a breakout, indicates that XRP's price could surge to as high as $5, marking a new ATH.

Pal's bullish stance on XRP is a notable shift from his previous advice, where he had recommended selling "dino coins" like XRP and ADA. Following the recent surge in XRP's price, Pal acknowledged his earlier mistake and adopted a more optimistic outlook on the altcoin.

This prediction comes at a time when the launch of CME XRP and Micro XRP futures is expected to provide institutional investors with greater exposure to the altcoin. These products are also seen as crucial for the approval of a Spot XRP ETF, which could further drive prices higher.

In the short term, some analysts have suggested that XRP could experience a retracement before continuing its upward trajectory. For instance, crypto analyst Ali Martinez warned that if XRP loses the critical $2.30 support, it could drop back to $2. Similarly, CasiTrades cautioned about a potential correction following XRP's failure to sustain above $2.6.

Despite these short-term concerns, crypto analyst Dark Defender remains optimistic, predicting that XRP could hit its ATH after the current market correction. He noted that the token has completed the A Wave and is now in the B Wave of Wave 2, indicating that the corrective wave is halfway through.

Dark Defender's analysis suggests that XRP could reach $3.333 after completing the B and C Waves in this Wave 2 corrective move. He also identified key support levels at $2.3502 and $2.2222, and resistance levels at $2.58 and $3.3333.

At the time of writing, XRP is trading at approximately $2.38, reflecting a 2% increase over the past 24 hours. This upward movement aligns with Pal's bullish forecast and the broader optimism surrounding the altcoin's future prospects.