The price of XRP has struggled in the market over the past year and has failed to reach a new all-time high even after securing partial victories against the US Securities and Exchange Commission (SEC). However, this lackluster price action has not deterred investors, who continue to believe in the altcoin’s long-term potential. One crypto analyst, in particular, expects the coin’s price to see another bullish wave that could push it toward the $1 price target.
XRP Price Ready for Another Bullish Wave
Crypto analyst Alan Santana has foreseen an optimistic future for the price of XRP. The analyst shared a recent analysis that took into account the past performances of not just XRPbut also other crypto assets, highlighting their recent peaks.
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The crypto analyst explained that all cryptocurrencies had time to reach their peaks and then when they entered a bullish wave. Typically, this bullish wave tends to occur about 8 to 10 months after the previous peak, which means that the XRP price is long overdue for a bullish wave.
Alan Santana revealed that XRP’s last peak was in July 2023, when judge Analisa Torres ruled that programmatic sales of XRP did not qualify as securities offerings. At the time, the XRP price rose more than $0.7. However, as soon as the bull run ended, the altcoin went into a decline that lasted almost a year.
Currently, the price of XRP has gone a total of 11 months without a bull wave and given the established average of 8 to 10 months for cryptocurrencies between each bull wave, the altcoin may be gearing up for another bullish wave.
However, as the crypto analyst explains, not all bullish waves are the same for all crypto assets. This means that even if XRP sees another bullish wave, it may not be as expected. However, Alan Santana expects the bullish wave to push the price further.
How high can the price go?
Providing the possible target of where XRP price could end up from here, the crypto analyst suggests that a 100% move is possible for the altcoin. One of the main targets highlighted is $0.65, which represents about a 50% increase in price from here.
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However, this is not the highest value the price is expected to reach in its next bullish wave. According to Alan Santana’s chart, the price of XRP could end up reaching $0.9442 before losing momentum. From here, it is possible that the price is above the coveted $1 level before correcting back down.
Featured image created with Dall.E, chart from Tradingview.com