Home CryptocurrencyAnalysis Analyst Predicts XRP Rally to $1.20 Under This Critical Condition

Analyst Predicts XRP Rally to $1.20 Under This Critical Condition

by SuperiorInvest

The price of XRP, RippleNet's native token, is sparking speculation after prominent crypto analysts offered conflicting outlooks. While both predict a possible increase, the conditions and reasoning behind their forecasts diverge significantly.

XRP Rally Hinges on $0.75 Hurdle, Analyst Says

CryptoInsightuk, a well-known analyst, believes that XRP is on the cusp of a major rally, with a rise to $1.20 soon. However, his optimism depends on a crucial technical indicator: a daily closing price above $0.75. He maintains that this would confirm a breakout of a 250-day accumulation phase, paving the way for a near-term rally.

Reaching this benchmark presents a challenge. Currently, 6 dollars.

EGRAG foresees rebound based on historical patterns

Analyst EGRAG offers a different perspective and also predicts a $1.2 target for XRP in the near term. But instead of technical indicators, EGRAG draws inspiration from historical price movements. He identifies similarities between the current XRP chart and a past wave formation that preceded a significant price increase.

CryptoInsightuk reinforces its bullish stance with additional technical factors. It signals an increase in XRP trading volume, suggesting growing investor interest. Additionally, he believes the Relative Strength Index (RSI), a momentum indicator, is primed for a bullish reversal. Finally, it suggests that a possible rise in Bitcoin price could trigger a favorable rise in altcoins like XRP.

Bitcoin is now trading at $70.184. Chart: TradingView

Market Dynamics Echo 2021: Analyst

Interestingly, CryptoInsightuk warns against replicating expectations from previous bull runs. It emphasizes that the extraordinary gains seen by XRP in 2017 might not be achieved in the current market cycle. This view directly contradicts EGRAG's aggressive prediction of a $27 price target for XRP, suggesting a significant divergence in analyst sentiment.

Uncertainty reigns as legal clouds loom

The ongoing lawsuit between the SEC and Ripple Labs casts a shadow over the future of XRP. Without a doubt, a positive resolution for Ripple could fuel investor confidence and drive the price higher. However, a protracted legal battle or unfavorable outcome could dampen enthusiasm and hamper XRP's growth.

The XRP market remains in wait-and-see mode, with analysts offering a mix of predictions. Whether the price breaks the $0.75 barrier and embarks on a sustained rally or remains tied to its current level depends on a complex interplay of technical factors, market sentiment, and the outcome of the SEC lawsuit.

Featured image from Pexels, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

Source Link

Related Posts