Crypto analyst Dark Defender has hinted at history to predict a 1,008% rally for XRP, which could push its price above $10. This is because the altcoin appears to have built a base of $1.4 over the past period recovery in the crypto market.
XRP eyes are rising above $10 as the price appears to reflect past gains
In one X messageDark Defender predicted that XRP could post a 1,008% gain, as high as $18. This is expected to be similar to the gains XRP made the running of the bulls of 2021when it rose to $1.72. The analyst noted that history does not repeat itself, but it rhymes, which is why the altcoin could post similar gains.
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In particular the analyst had noted this before that XRP is maintaining primary structures and levels and that a correction to the weekly time frame is technically over. Based on this, he stated that a directional move is inevitable as long as $1.31 is maintained. XRP is currently holding above $1.40 as Bitcoin rally to $82,000. The recent recovery of the crypto market has created optimism the bull market might be back.
Crypto analyst ChartNerd also provided insight The current price action of XRP as the altcoin eyes a rally to new local highs. In one X messagehe stated that XRP’s multi-month compression range is narrowing, while the weekly 20/55 EMAs sit above it as resistance.
The analyst further noted that a successful breakout of this structure towards $1.80 would mark a critical turning point. However, he warned that liquidity hotspots suggest alternative short-term price scenarios.
Analyst points to a symmetrical triangle on the XRP chart
In one X messageCrypto analyst Egrag Crypto said the symmetrical triangle on the XRP chart is impossible to ignore. This was because he noted that the price is becoming increasingly tight and that this type of structure historically leads to a violent expansion movement. The analyst further noted that the measured targets are becoming crystal clear, but the $1.80 to $1.90 zone represents major resistance to this expansion.
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Egrag Crypto explained that this zone is not only a resistance but also a macro trend barrier. The analyst predicted that XRP could see a quick move towards $2.30 if the altcoin were to break this zone with conviction, especially with support bouncing back from the White Line structure. However, he added that despite this bullish stance on the altcoin, he was still primarily leaning towards the ‘fake pump’ scenario as it tends to trapping breakout traders before the actual move.
At the time of writing, the XRP price is trading around $1.41, down in the past 24 hours, according to facts from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com