Analyst Gives Reasons Why Price Is Headed For $3.2
XRP Price Witnessed Major revisions After rebounding to a high of $2.9 this week. This has sparked speculation about whether the recent rally is over, but cryptocurrency analyst MadWhale says XRP still has more room to rise.
Analyst explains why XRP price will rise to $3.2
in a Transaction View PostMadWhale explains why XRP price will increase by $3.2. The analyst noted XRP’s huge trading volume compared to other cryptocurrencies and the stock’s long-term underperformance. In fact, XRP has experienced a long stagnation period While other coins have experienced significant gains.
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MadWhale said a prolonged period of stagnation has left the stock highly compressed and primed for a potential breakout. The analyst added that fundamental and technical analysis point to a favorable outlook, with charts showing strength Upward potential. In line with this, he predicts that XRP may revisit its current all-time high (ATH) or even higher.
Following its parabolic rise over the past few weeks, XRP price has cooled off and corrected in the past 24 hours. cryptocurrency analyst The Blackguard prophesied This correction is likely to occur. He stated that he expects XRP to trade between $2.13 and $2.92 for a few days before continuing its upward trend.
Like MadWhale, Dark Defender has also issued a bullish outlook on XRP, predicting that the cryptocurrency will next rebound to an intermediate target level of $3.9993. Such a rally would mark a new high for XRP, as its current high is $3.8.
Meanwhile, cryptocurrency Egrag Crypto said in a recent analysis that a rebound from $2.19 will lead to higher highs and cause XRP to continue its bullish momentum. Egrag Crypto believes that XRP price will rise to double digits during this market cycle.
The road to $3.99
In his most recent X post, dark guardian The latest information is provided on XRP’s expected rise to $3.99. Analysts noted that XRP price continues to move towards Fibonacci levels. He reiterated that the recent adjustments were expected. The cryptocurrency analyst added that these side effects may last longer.
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The cryptocurrency analyst also provided insights into key levels to watch within the XRP price range. He highlighted $2.13 and $2.27 as support level XRP and $2.92 and $3.99 are targeting the cryptocurrency. Retrieval of the $2.92 target (Fibonacci level) indicates that the cryptocurrency is ready to continue its upward trend.
As of this writing, XRP price is around $2.30, down more than 12% in the past 24 hours, according to data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
