Home CryptocurrencyAnalysis Crypto Analyst Says XRP Price Could Soar 2,300% to $14.6, Here's How to Do It

Crypto Analyst Says XRP Price Could Soar 2,300% to $14.6, Here's How to Do It

by SuperiorInvest

XRP price now has managed to position itself above the psychological level of $0.6, as all crypto market moves in bullish action in the last month. Popular crypto analyst Dark Defender has predicted an interesting price for XRP, revealing that the cryptocurrency could reach $14.61 if the XRP/BTC pair hits a record high.

XRP could soar 2,300%

Dark Defender's recent analysis of XRP's price trajectory is based on its past performance against Bitcoin in the XRP/BTC pair. A deep dive into the XRP/BTC chart shared on X by the analyst reveals that XRP has underperformed Bitcoin since mid-2023. against Bitcoin since August 2023. Recent market dynamics have further exacerbated its underperformance against Bitcoin, as Bitcoin continues to push against various price levels to reach a new all-time high.

Interestingly, Dark Defender noted that the pair's price action has now reached support that will determine XRP's price trajectory in the coming months. The so-called support is characterized by the formation of the highest lows since 2015 and is now at the level of 0.00000914.

The price chart saw a bounce off this support to usher in an incoming breakout of epic proportions to the current high of 0.00024351. The last time a bounce occurred, XRP would outperform Bitcoin by over 5,000% throughout 2017 and early 2018. “It will be the awakening of 6 years,” said the analyst.

When asked for an XRP price, Dark Defender clarified that the The XRP/BTC pair increases only when XRP appreciates against BTC. In the scenario where BTC starts to wander around the $60,000 price level, an increase in XRP/BTC to the 0.00024351 level would be associated with XRP reaching $14.61. In the scenario that Bitcoin reaches $100,000 and remains at this price level, XRP could trade for more than $20 with the same all-time high in the XRP/BTC pair.

With XRP now trading at $0.6205, an increase to $14.61 and $20 would mean an increase of 2,250% and 3,120%, respectively, from the current price level.

Continued bullish sentiment for XRP price?

Other crypto analysts have predicted bullish prices for XRP in the near future. For example, crypto analyst Jaydee highlighted XRP breaking of a six-year trend line that could mean a new bullish movement.

In another technical analysis using Elliott Wave Theory, Dark Defender predicted that XRP would reach 1 dollar in March, a level that has not been reached since May 2021.

XRP price resumes uptrend | Source: XRPUSDT on Tradingview.com

Featured image from CNBC, chart from Tradingview.com

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