If you’re an XRP holder, you must be feeling frustrated.
The XRP price has been moving sideways for months, and aside from a few spikes to the $0.7-$0.8 range, we haven’t seen much price action. Our team at CaptainAltcoin has written about this numerous times.
One positive thing about XRP’s price is that it has a strong support in the $0.4-0.5 area, since it’s pretty stable here whenever market crashes.
Moreover, Ripple has an amazingly strong community, and holders remain positive that price action will improve in the second part of 2024 and beyond.
XRP Price Prediction – $20 On the Horizon?
Many analysts make bold XRP price predictions, but we found one that has some real arguments behind it.
Armando Pantoja who is a popular person in the stocks and crypto markets, tweeted last night about XRP price forecast.
He claims there’s “strong evidence” that the XRP price will reach $20. Pantoja bases his prediction on several factors:
Pantoja points to the strong support at the $0.40-$0.50 level, which I indicated above as well. It does look like the XRP price has bottomed here and is ready for a reversal.
He also notes that XRP is currently near the lower Bollinger Band and potentially oversold, suggesting it might be due for a rebound.
Another bullish signal Pantoja highlights is that the moving average is above the current price. This technical indicator is often viewed as a positive sign by traders and could attract more buyers to XRP.
Pantoja also points to the low trading volume during the current consolidation phase. He suggests keeping an eye out for a potential volume surge, which could be the catalyst that drives prices higher.
Lastly, Pantoja references historical patterns showing significant rallies following periods of consolidation. These past trends, he argues, hint at possible upside potential for XRP.
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Show more +It remains to be seen, of course, whether Pantoja’s prediction will prove accurate. He hasn’t provided a specific timeline for his $20 price target, but I am assuming he’s referring to sometime in 2024 or 2025.
As a crypto trader, I currently place XRP in my “do not sell, do not buy” category. If you’ve been a long-term XRP holder, it’s probably better not to sell right now and we see what happens in the upcoming months.
Losing the $0.4 support level would definitely be a red flag. Another one could be any negative outcomes in Ripple’s battle with SEC.
However, if you’re not already holding XRP, it might be better to look elsewhere until the price starts moving.
Read also: New Cryptocurrencies to Invest In: Which Crypto Will Boom?
Look, we’ve all been on this rollercoaster before. Crypto can make you feel like a genius one day and a complete fool the next. So, before you bet the farm on XRP or any other coin, take a deep breath, do your homework, and maybe consider whether you’d be okay eating ramen for a month if things go south. Just saying.
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