The price of XRP has recovered somewhat over the past two days and positive sentiment towards Latosin has emerged once again. This was done with the expectation that prices would continue to rise in the future. In particular, one cryptocurrency analyst at RLinda revealed why the cryptocurrency is set to surge by 70%.
XRP Price Completes Bad Analysis
In an analysis published on the TradingView website, cryptocurrency analyst RLinda outlined several reasons why the price of XRP is poised to surge. One of these reasons is the fact that altcoins have completed false breakdowns.
This marked a price crash, with the price falling from $0.7 to $0.42, a drop of almost 50%. However, the cryptocurrency analyst believes that the crash was bullish for the coin as it was basically a false breakdown followed by a breakout.
In a scenario like this, the XRP price could be headed for a breakout similar to a collapse and eventual recovery between August and November 2023. In these cases, prices can rise by 50% and rise by more than 70%.
Source: Tradingview.com
Additionally, the price of XRP has also been consolidating over the long term, which is another factor that could contribute to this breakout. “XRPUSDT is forming a technically incorrect support break. In the long term, consolidation above the zone should form with the aim of sustained growth and its potential could open up to 50-70%,” the analyst said.
State of XRP
XRP has already seen investors come back once the worst of the crash became clear. In particular, cryptocurrency whales have been betting by moving 600 million XRP tokens. As NewsBTC reported, whales holding between 10 and 100 million XRP increased their holdings by 30 million in just one week. But what’s even more interesting is that up to 600 million tokens were moved in just two weeks.
The move came before cryptocurrency analysts were predicting a major rally for the cryptocurrency. One of them is crypto analyst Egrag Crypto, who predicted that the price of XRP is poised to surge to $1.4. This means prices will rise by more than 100%.
However, XRP has not been the hottest market in recent times. Daily trading volume has declined significantly, with Coinmarketcap reporting a 20% decline on the last day to $1.33 billion. Despite this, the altcoin still ranks 7th in the industry with a market capitalization of $30.3 billion.
XRP struggles above $0.5 | Source: XRPUSDT on Tradingview.com
Featured image from Coinpedia, chart from Tradingview.com
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