The price of XRP, RippleNet’s native token, is sparking speculation after leading crypto analysts offered conflicting perspectives. While both predict a potential increase, the conditions and reasoning behind their predictions differ significantly.
XRP Rally Depends on $0.75 Barrier, Says Analyst
CryptoInsightuk, a well-known analyst, believes that XRP is on the verge of a big rally, with a rise to $1.20 soon. However, your optimism depends on one crucial technical indicator: a daily closing price above $0.75. This, he argues, would confirm the break of a 250-day accumulation phase, paving the way for a short-term increase.
Reaching this benchmark represents a challenge. XRP currently stands at $0.62, and has not reached the $0.75 level since July 2023. A brief flirtation with the target earlier this month was fleeting, with the price falling below $0.6.
$XRP to update.
We are looking for a daily candle close above $0.75.
When we see this, we confirm a breakout above the range we have been accumulating in for over 250 days.
This would suggest we should see minimal expansion to $1.20.
Volume is increasing across the board… pic.twitter.com/yhEVHvqPav
-Cryptoinsightuk (@Cryptoinsightuk) March 25, 2024
EGRAG predicts rally based on historical patterns
Analyst EGRAG offers a different perspective, also predicting a target of $1.2 for XRP in the near term. But instead of technical indicators, EGRAG takes inspiration from historical price movements. It identifies similarities between the current XRP chart and a previous wave formation that preceded a significant price increase.
#XRP Wave 10 ($1 – $1.2) 🌊🔟:
The 10th “W” pattern is exceptionally well aligned with the current market setup, signaling a potentially significant move.
Target prices remain consistent:
1) Non-logarithmic: $1
2) Logarithmic: $1.2#XRPArmy STAY TIGHT and enjoy the… pic.twitter.com/PS6xZi1FFv– EGRAG CRYPTO (@egragcrypto) March 24, 2024
CryptoInsightuk bolsters its bullish case with additional technical factors. It points to an increase in XRP trading volume, suggesting growing investor interest. Furthermore, he believes that the Relative Strength Index (RSI), a momentum indicator, is poised for a bullish reversal. Finally, he suggests that a potential rise in the price of Bitcoin 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 expectations from 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 forecast 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. A positive resolution for Ripple could undoubtedly fuel investor confidence and drive the price higher. However, a prolonged 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 through the $0.75 barrier and embarks on a sustained recovery or remains stuck at 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
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