Like the XRP price and future trajectory remain one hot topic for debatecrypto research agency Sistine Research has based its research on this debate using technical analysis. XRP holders will love this because their forecast is bullish.
Where is the XRP price headed?
In a post shared on the X platform (formerly Twitter), Sistine Research stated that despite the current market outlook, XRP is currently one of the tokens with a bullish chart in the crypto market.
Their bullish sentiment was projected in their post, which featured a weekly chart suggesting an accumulated pattern since May 2022, with the XRP price having the potential to rise as high as $1.5, an increase of over 200% from the current price of $0.49.
Source: X
The research house also used the XRP/Bitcoin chart to further highlight their bullish sentiment. The chart showed XRP’s potential to outperform the flagship cryptocurrency with an expected rally to $1.5. However, it looks like XRP price could fall to the $0.40 support level before a massive rally.
Source: X
Clarification of the charts
Sensing that there was some skepticism among many in the crypto community, Sistine Research released a follow-up after where it further developed its technical analysis. It explained that the graphs clearly showed that there is long-term accumulation that is on an upward trend.
According to them, during this period, buyers are willing to dive into the market and support the token at increasingly higher prices, likely suggesting that a possible retracement or dump by the bears is not in the way. the bulls.
Sistine alluded to the fact that the most recent pump on the map was larger than the previous pump. This presumably shows that buyers are active as they are still accumulating at higher prices rather than waiting for a decline before entering. While all this is happening, sellers are still holding on to their tokens because they expect higher prices before selling.
They compared this XRP chart to the BTC chart in 2018, when buyers were getting weaker and sellers were controlling the market and selling each pump at lower prices.
The research agency also suggested that DOGEs chart is currently experiencing something similar (as the 2018 BTC chart), as they stated that the XRP price chart is “objectively bullish” compared to the meme coin, which is “showing significant signs of buyer exhaustion.”
At the time of writing, the XRP price is trading at $0.49, up about 0.30% in the last 24 hours, according to facts from CoinMarketCap.
XRP holding at $0.49 | Source: XRPUSD On Tradingview.com
Featured image from CoinMarketCap, chart from Tradingview.com