The price of XRP, RippleNet’s native token, is fueling speculation after prominent crypto analysts offered conflicting outlooks. While both predict a potential rise, the circumstances and reasoning behind their predictions differ considerably.
XRP Rally Hangs On $0.75 Hurdle, Says Analyst
CryptoInsightuk, a well-known analyst, believes that XRP is on the cusp of a major rally, with a surge to $1.20 soon. However, his optimism hinges on a crucial technical indicator: a daily close above $0.75. This, he argues, would confirm a breakout from a 250-day accumulation phase, paving the way for a short-term surge.
Achieving this benchmark is a challenge. XRP is currently at $0.62, and has not reached the $0.75 level since July 2023. A brief flirtation with the target earlier this month proved fleeting, with the price falling back below $0.6.
$XRP update.
We are looking for a daily candle that closes above $0.75.
If we see this, it confirms a breakout above the range we have been in for over 250 days.
This would indicate that we should see a minimal expansion towards $1.20.
The volume generally increases… pic.twitter.com/yhEVHvqPav
— Cryptoinsightuk (@Cryptoinsightuk) March 25, 2024
EGRAG foresees a rally based on historical patterns
Analyst EGRAG offers a different perspective, also predicting 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.
#XRP Wave 10 ($1 – $1.2) 🌊🔟:
The 10th ‘W’ pattern fits exceptionally well with the current market situation, indicating a potentially important move.
Target prices remain consistent:
1) Non-logarithmic: $1
2) Logarithmic: $1.2#XRPArmy STAY STABLE and appreciate the… pic.twitter.com/PS6xZi1FFv— EGRAG CRYPTO (@egragcrypto) March 24, 2024
CryptoInsightuk strengthens its bullish case with additional technical factors. He points to an increase in XRP trading volume, indicating growing investor interest. Moreover, he believes the Relative Strength Index (RSI), a momentum indicator, is poised for a bullish reversal. Finally, he suggests that a potential rise in Bitcoin’s price could trigger a sympathetic rise in altcoins like XRP.
Bitcoin is now trading at $70.184. Chart: TradingView
Market Dynamics Echo 2021: Analyst
Interestingly, CryptoInsightuk warns against replicating the expectations of previous bull runs. He emphasizes that the extraordinary gains witnessed by XRP in 2017 may not be achievable in the current market cycle. This view directly contradicts EGRAG’s aggressive prediction of a $27 price target for XRP, indicating a significant difference 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. A positive resolution for Ripple could undoubtedly boost investor confidence and push the price higher. However, a protracted legal battle or an unfavorable outcome could dampen enthusiasm and hinder XRP’s growth.
The XRP market remains cautious, with analysts offering a mixed bag of predictions. Whether the price breaks the $0.75 barrier and embarks on a sustained rally or remains stuck at current levels depends on a complex interplay of technical factors, market sentiment and the outcome of the SEC lawsuit.
Featured image from Pexels, chart from TradingView
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