- A top market analyst is optimistic in the XRP price potential to soar in the near future.
- XRP has the right technical setup to print as much as 500% surge from current levels.
While XRP price struggles with a price drop, a crypto analyst known as CryptoInsightUK projects it could surge by 500% to $2.5. The analyst’s XRP prediction is based on comparisons with Bitcoin’s (BTC) current price movement.
Analysts Goes Bullish on XRP Price
On the monthly timeframe, CryptoInsightUK highlighted that XRP’s price against BTC is in a reversal territory. This suggests that XRP has the potential for a notable upward movement. The analyst cited historical XRP performance where reversals have been followed by substantial gain in price.
“The last 3 entries into this area have seen significant moves to the upside,” the analyst notes. This observation is further reinforced by the fact that the monthly Relative Strength Index (RSI) value for XRP in relation to BTC is at an all-time low.
The analyst added that the two previous times this level was reached, there was a corresponding move of 5,251% and 498% versus BTC. While the analyst is uncertain if XRP will follow similar trends this cycle, he highlighted that a lot of favorable catalysts are coming for XRP.
“We are just looking for something to set the narrative alight and trigger some price action. Once we get this, sentiment can change extremely quickly,” he concluded.
Meanwhile, CryptoInsightUK is not alone in his bullish forecast for XRP’s price. Per Crypto News Flash’s earlier announcement, crypto analyst EGRAG Crypto suggests that XRP’s next target lies within the $1.20-$1.50 range. Adding to the bullish sentiment is Javon Marks, who highlighted a “hidden bull divergence” seen in XRP’s price action over the past few months. According to Marks, this divergence may cause XRP’s value to suddenly explode.
As of this writing, XRP is trading at $0.5206, up by 0.13% in the past day. The market cap increased by a similar percentage to $28.8 billion, while trading volume decreased by 16.3% to $953 million.
Moreover, Coinglass data shows open interest for XRP futures fell 1.88% to $607.69 million. Conversely, the increase in XRP’s options open interest of 15.02% suggests that options traders are becoming more interested in the stock. Amidst the volatility in prices, XRP saw the dominance of long liquidations, indicating an impending short-term decline.
Ripple Files Motion to Seal Sensitive Documents
Ripple Labs Inc, the company closely associated with XRP development recently filed a motion to seal critical documents in its ongoing case with the US Securities and Exchange Commission (SEC).
According to a Crypto News Flash’s YouTube video, this motion emphasizes the confidentiality of financial information that the SEC has sought to expose to the public. Ripple claims a large portion of this financial data is unrelated to the court’s decision-making and has been unfairly targeted by the SEC without any rationale.
This case has a major bearing on the future trajectory of XRP’s price and a favorable ending may help the coin’s remarkably.
Recommended for you:
Credit: Source link
