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.

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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.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.