Crypto analyst Remi has predicted that the XRP price could reach $1,200. The analyst also highlighted factors that could drive this 50,000% surge for the altcoin, even if it currently crashes alongside the broader crypto market.
Analyst predicts XRP price will reach $1,200, here’s why
In one X messageRemi stated that the graphs now show that a E-wave rallies to $1,200 for the XRP price. The analyst noted that the altcoin posted a 76,000% gain in 2017, with no utility and driven solely by retail speculation. This time, however, XRP only needs a 50,000% gain to reach this goal, and it has utility and institutional FOMO, making this expected goal more promising.
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This institutional FOMO is expected to spread through the XRP ETFswhich will be approved by the SEC once the US government shutdown ends. While these funds are expected to drive new liquidity into the XRP ecosystem, it remains to be seen how much impact they will have on the XRP price.
Meanwhile, Remi advised XRP holders to take profits as the XRP price registers this expected parabolic rally. He added that they have to take profits at different intervals as a black swan event can happen out of nowhere before they reach the ‘E wave’. The analyst also said that no one can ever time the top, which is why it is best to take profits along the way.
This XRP price prediction comes as the altcoin declines alongside the broader crypto market. XRP is trading just above the psychological level of $2 as trade tensions between the US and China, along with other macro factors such as the prolonged US government shutdowncreate bearish sentiment in the market.
XRP could see another move lower before a reversal
Crypto analyst CasiTrades indicated that the XRP price could go one more step further before a bullish reversal would occur. This came as she noted that the altcoin is not showing the strength that would negate the last wave down, and the price is stagnant around the month. Wave 4 resistance levels.
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CasiTrades further stated that if the current XRP price action would be deep V-shaped recoverythen there should have been a strong break above the key resistance at $2.82. However, that breakout has not materialized and therefore leans towards the market needing another wave to the downside for complete exhaustion and a change in sentiment. The analyst predicted that a retest of the .618 retracement around $1.46 or the golden pocket near $1.35 is possible before the next wave down.
At the time of writing, the XRP price is trading around $2.33, down in the past 24 hours, according to facts from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com