Several analysts continue to make bullish predictions for the XRP token despite this lame price action. This time, crypto analyst Dark Defender has identified emerging patterns that indicate XRP could soon rise to $2.
The XRP Bull Run is here
Dark Defender mentioned in an X (formerly Twitter) post that the RSI (relative strength index) for the XRP/BTC pair in the weekly time frame “is in the same place as it was before the 2017 and 2021 XRP bull runs.” Using the RSI indicator he confirmed that the 2024 running of the bulls Is there already.
Source: X
The accompanying chart he shared shows that an XRP value of $2 is just the starting point, as the crypto token can still rise as high as $12. This is also a possibility as bull runs are known to produce new all-time highs (ATH) for several crypto tokens. XRP’s ATH currently stands at $3.84, a milestone reached at the height of the 2017 bull run.
XRP’s inability to surpass its ATH in the last bull run is believed due to regulatory uncertainty that hampered the crypto token. However, achieved regulatory clarityXRP does projected to make a significant run this time.
Interestingly, analysts like CryptoInsightUK have done just that hinted at the mark replicating a similar price increase to that of 2017, when it saw a 61,000% price gain. That 2017 price increase also serves as the basis for crypto analyst Egrag Crypto’s prediction that XRP could rise to high as $27 in the next bull run.
XRP’s way to $27
Crypto analyst Egrag Crypto recently gave an update on XRP’s current price action and further revealed how the crypto token will rise to $27. First, he noted that a bullish pattern had emerged, with XRP reaching multiple daily closes above FSRF (Fibonacci Speed Resistance Fan) 0.5, a level believed to represent significant support for the crypto token.
As XRP remained above this level, the analyst hinted that this was the case can amount to almost $2 soon. Once that happens, Egrag expects XRP to continue its uptrend and eventually break the $2 resistance area. He predicts that FOMO (fear of missing out) will come into effect once XRP rises above $2, something Egrag believes will propel the crypto token towards its $27 price target.
At the time of writing, XRP is trading around $0.56, up over 1% in the past 24 hours. facts from CoinMarketCap.
Price recovers from dips | Source: XRPUSD on Tradingview.com
Featured image of CoinGape, chart from Tradingview.com
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