Several analysts continue to make bullish predictions for the XRP token. sluggish price action. This time, Cryptocurrency Analyst Dark Defender We have seen a new pattern that suggests that XRP could soon rise to $2.
XRP Bull Run Is Here
Dark Defender noted in an X (formerly Twitter) post: RSI (Relative Strength Index) The XRP/BTC pair on weekly time frames “is in the same position as it was prior to the 2017 and 2021 XRP bull markets.” Using the RSI indicator, he confirmed: Bull market in 2024 It’s already here.
Source: X
According to the chart he shared, XRP reaching $2 appears to be just the starting point as the cryptocurrency token could still rise to $12. This is also a possibility considering that bull markets are known to bring new all-time highs (ATHs) for various cryptocurrency tokens. XRP’s ATH is currently at $3.84, a milestone reached at the peak of the 2017 bull market.
XRP failed to surpass ATH in the last bull market believed This was due to regulatory uncertainty that crippled cryptocurrency tokens. But achieved Regulatory clarityXRP expectation This time to make it meaningful.
Interestingly, analysts such as CryptoInsightUK suggestion The token saw a 61,000% price increase, replicating a similar price surge that occurred in 2017. The price surge in 2017 saw XRP Up to $27 In the next bull market.
XRP on its way to $27
Cryptocurrency analyst Egrag Crypto Recently June We further revealed an update on XRP’s current price action and how the cryptocurrency token could rise to $27. First, he noted that a bullish pattern has emerged, with XRP achieving multiple daily closes above the Fibonacci Velocity Resistance Fan (FSRF) 0.5, a level believed to indicate significant support for the cryptocurrency token.
With XRP holding above this level, the analyst hinted: It could rise to almost $2. soon. If that happens, Egrag expects XRP to continue its upward trend and eventually break through the $2 resistance area. He predicts: FOMO (fear of missing out) It will begin when XRP rises above $2, which Egrag believes will push the cryptocurrency token towards its $27 target price.
As of this writing, XRP is said to be trading around $0.56, up more than 1% in the last 24 hours. data From CoinMarketCap.
Price recovers from dips | Source: XRPUSD on Tradingview.com
Featured image from CoinGape, chart from Tradingview.com
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