Several analysts continue to make bullish predictions for the XRP token despite its mediocre price action. This time, Dark Defender crypto analyst has identified emerging patterns that suggest XRP could rise to $2 soon.
The XRP Bull Run Is Here
Dark Defender mentioned in an X (formerly Twitter) post that the RSI (Relative Strength Index) for the XRP/BTC pair on the weekly timeframe “is in the same place as before the 2017 and 2021 XRP bull runs.” Following the RSI indicator, he stated that the 2024 bull run it's here.
Source: X
Based on the attached chart he shared, XRP hitting $2 appears to be just the starting point as the crypto token could still rise as high as $12. This is also a possibility, considering that bull runs are known to bring new all-time highs (ATHs) for different crypto tokens. XRP's ATH currently stands at $3.84, a milestone it reached at the peak of the 2017 bull run.
XRP's failure to surpass its ATH in the latest bull run is believed It was due to regulatory uncertainty that hampered the crypto token. However, having achieved regulatory clarityXRP is projected to make a meaningful run this time.
Interestingly, analysts like CryptoInsightUK have implied The token replicates a similar price surge that occurred in 2017, when it experienced a 61,000% price gain. That price surge in 2017 also serves as the basis for crypto analyst Egrag Crypto's prediction that XRP could rise up to high like $27 in the next lockdown.
XRP's path to $27
Crypto Analyst Egrag Crypto recently gave an update on the current XRP price action and further revealed how the crypto token will rise to $27. Firstly, it noted that a bullish pattern had emerged, with XRP achieving multiple daily closes above FSRF (Fan Fibonacci Rate Resistance) 0.5, a level believed to represent significant support for the crypto token. .
With XRP holding above this level, the analyst hinted that could go up to almost $2 soon. Once that happens, Egrag expects XRP to continue the uptrend and eventually break the $2 resistance area. He predicts that FOMO (fear of missing out) will activate once XRP surpasses $2, something Egrag believes will push the crypto token towards the $27 price target.
At the time of writing, XRP is trading at around $0.56, up more than 1% in the last 24 hours, according to data from CoinMarketCap.
Price recovers from dips | Source: XRPUSD on Tradingview.com
Featured image from CoinGape, chart from Tradingview.com
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