A renowned crypto analyst has predicted that XRP could surge by 1,133 percent to trade within the range of $5.3 – $6.
According to him, the current market cycle is very similar to the one recorded in 2020-2021.

At the current price of $0.495059, Ripple’s XRP is still far from its all-time high price of $3.40. This indicates an 84 percent fall from that level. However, an analyst predicts that the asset could surge by 1,133 percent. 

Based on the market data, the asset has failed to break key resistance levels to continue its upward trajectory. Instead, XRP has declined by 4 percent in the last seven days. The past 24 hours look positive as it recoups 1.6 percent of its lost value.

On top of that, the current market sentiment around the asset looks very bullish. This positive outlook and historical trends keenly followed by the asset two years ago have set the stage for XRP to hit $6 according to pseudonymous crypto analyst Cryptobilbuwoo. This analyst is known for drawing attention to the Golden Cross on the weekly chart. 

According to him, XRP’s current cycle has a lot of similarities to the 2020-2021 cycle. In a chart shared by the analyst, it was observed that the asset formed a bullish golden cross in October 2020. At that time, the 25-week moving average had gone past the 50-week moving average. Right after in November 2020, the asset recorded a trading price of $0.7900. 

The analyst further explained that the weekly bullish crossover was recorded shortly after the asset had broken above a downtrend that had continued for several months.

XRP Repeating Cycle in Current Market Moves

Giving more details about this, Cryptobilbuwoo explained that resistance was recorded at $0.7900, forcing the asset to correct the gains. Interestingly, this lasted for a short period as the asset staged a comeback to break above the resistance level to go as high as $1.9669 in April 2021. One interesting aspect of this analysis is the repetition in the current cycle. 

The second chart provided by the analyst shows that XRP moved above a multi-month descending trendline which coincidentally met another weekly golden cross. It can be recalled that the asset hit $0.94 immediately after it recorded a partial win in the lawsuit against the US Securities and Exchange Commission. At that price level, sellers remained strong, opposing the efforts of buyers which ended up sending the price down the price curve just as in the 2020-2021 cycle.

Another imitation of the previous cycle, specifically in late 2020, is that XRP has corrected all the gains from the $0.94 level. 

According to Cryptobilbuwoo, the price move in July is the initial upsurge. Per his prediction, another upsurge is imminent and could send the price to an unimaginable height. The signal for a looming price surge is already clear after XRP retested the downward trendline. He thinks that XRP could settle within the $5.3 – $6 range. Interestingly, this would be a 1,133 percent surge from the current price level. 

The asset has largely been affected by Ripple’s legal battle with SEC as it faced delisting from several crypto exchanges, sending its price down the curve even when the market was on an upward trajectory. Recently, the SEC’s motion for an interlocutory appeal was rejected by the court, indicating another victory for Ripple and XRP enthusiasts. 

 

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Filed under: Bitcoin - @ October 16, 2023 6:07 pm