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The XRP price has witnessed a significant correction after rallying to $2.9 this week. This has led to speculation as to whether the recent rally is over, but crypto analysts MadWhale have indicated that XRP still has more room to go higher.
Analyst Explains Why XRP Price Is Heading Toward $3.2
In one TradeView postMadWhale explained why the XRP price is heading towards $3.2. The analyst noted XRP’s significant trading volume and the stock’s long-term underperformance compared to other cryptos. XRP indeed had a prolonged period period of stagnation while other coins made significant gains.
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MadWhale stated that this extended period of stagnation has left the stock highly compressed and primed for a potential breakout. The analyst added that fundamental and technical analyzes point to a favorable outlook, with the chart indicating a strong outlook upside potential. In line with this, he expects that XRP could revisit its current all-time high (ATH) and even higher targets.
The XRP price has cooled and recovered over the past 24 hours, following the parabolic rally of the past few weeks. Crypto analyst Dark Defender predicted it that this correction was likely to occur. He stated that he expects XRP to hover between $2.13 and $2.92 for a few days before continuing its uptrend.
Like MadWhale, Dark Defender also offered a bullish outlook for XRP, predicting the crypto would next rise to the mid-target level of $3.9993. Such a rally will mark a new ATH for XRP as the current ATH is $3.8.
Meanwhile, crypto Egrag Crypto stated in a recent analysis that a jump from $2.19 would lead to higher highs and ensure XRP would continue its bullish momentum. Egrag Crypto is confident that the XRP price will rise to double digits in this market cycle.
The Road to $3.99
In his most recent X-post, Dark defender provided an update on XRP’s expected rally to $3.99. The analyst noted that the XRP price continued to move the Fibonacci levels. He reaffirmed that this recent correction was expected. The crypto analyst added that these sideways moves could last a bit longer.
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The crypto analyst also provided insight into the key levels to watch out for as the XRP price varies. He highlighted $2.13 and $2.27 as support levels for XRP and $2.92 and $3.99 as targets for the crypto. A recovery from the target of $2.92, which is a Fib level, indicates that the crypto is ready to continue its uptrend.
At the time of writing, the XRP price is trading around $2.30, down more than 12% in the past 24 hours, according to facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com