Ripple Analyst Predicts XRP to ‘Minimum’ $1.2 – Bitcoin Breakout Could Catalyze Altcoin Frenzy
Amid the upswing in the crypto markets this week, with XRP itself up around 6% and trading at $0.64, a popular XRP analyst is making a bullish prediction on where the token could be headed next.
The analyst known as Cryptoinsightuk, who frequently shares analysis on XRP price movements, stated in a recent tweet that they are watching for a daily candle close above $0.75 for XRP.
According to the analyst, such a breakout above the $0.75 range where XRP has been accumulating for over 250 days would “confirm a breakout” and “suggest we should see a minimum expansion to $1.20.”
Cryptoinsightuk goes on to point to increasing trading volume and a potentially bullish swing in the daily relative strength index (RSI) as supportive factors. The analyst draws parallels to 2017’s crypto bull cycle, stating “I feel price action in todays markets are more similar to this cycle than 2021. We all know what happened in 2017 for $XRP.”
From a technical perspective, XRP will need to maintain the $0.57 level, which aligns with the 200-day moving average support.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +The RSI, a momentum oscillator, is currently reading 56 on the daily chart, suggesting moderately bullish momentum. Furthermore, the moving average convergence divergence (MACD) line is above the signal line, a bullish signal used to spot uptrends.
In conclusion, while past performance is no guarantee of future results, the combination of Cryptoinsightuk’s analysis and the current technical indicators suggest XRP could be gearing up for a move towards the $1.20 level if it can clear the crucial $0.75 resistance.
You may also be interested in:
- Is the Solana Era Ending? Elite Analyst Bets on Coinbase’s Layer 2 Ecosystem – Here’s His Outlook
- Stacks (STX) Price Eyes $4 Following 30% Pump While The Graph (GRT) Consolidates – Here’s Why
- The 2024 Launchpad Token Outlook: Bull Run Investment Strategy
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
