A leading market analyst is expressing optimism about the potential for a significant surge in the price of XRP in the near future. According to the analyst, XRP has the necessary technical setup to experience a surge of up to 500% from its current levels. Despite the current drop in price, the analyst, known as CryptoInsightUK, predicts that XRP could reach $2.5. This prediction is based on a comparison with the current price movement of Bitcoin (BTC).
CryptoInsightUK highlights that on the monthly timeframe, XRP’s price against BTC is in a reversal territory, indicating the potential for a notable upward movement. The analyst refers to historical performance, where previous reversals have been followed by substantial price gains. The monthly Relative Strength Index (RSI) value for XRP in relation to BTC is currently at an all-time low, further supporting the analyst’s observation.
The analyst also notes that the two previous times this level was reached, there were significant moves of 5,251% and 498% versus BTC. While unsure if XRP will follow similar trends this time, the analyst points out that there are several favorable catalysts on the horizon for XRP. Once these catalysts set the narrative and trigger some price action, sentiment can change rapidly.
CryptoInsightUK is not alone in their bullish forecast for XRP. EGRAG Crypto and Javon Marks have also expressed optimism about XRP’s price. EGRAG Crypto suggests that XRP’s next target lies within the $1.20-$1.50 range, while Marks highlights a “hidden bull divergence” in XRP’s price action, which could lead to a sudden increase in value.
Currently, XRP is trading at $0.5206, with a 0.13% increase in the past day. The market cap has also increased by a similar percentage to $28.8 billion, while trading volume has decreased by 16.3% to $953 million. Data from Coinglass shows a decrease in open interest for XRP futures but an increase in options open interest, indicating growing interest from options traders. Long liquidations have dominated the market, suggesting a possible short-term decline.
In related news, Ripple Labs Inc, the company associated with XRP development, has filed a motion to seal sensitive documents in its ongoing case with the SEC. The motion emphasizes the confidentiality of financial information sought by the SEC, claiming that a large portion of this data is unrelated to the court’s decision-making and has been unfairly targeted without justification. The outcome of this case could have a significant impact on the future trajectory of XRP’s price.