Despite a 10% decline in the price of XRP to $0.40, cryptocurrency analysts are still optimistic and believe that a potential surge is on the horizon. They base their predictions on historical data and patterns from 2017.
One prominent XRP supporter, lawyer Bill Morgan, has taken advantage of the recent price dip and purchased more XRP at slightly above $0.40. He plans to buy even more if the price drops to $0.375.
Although the broader market correction has affected Ripple’s native cryptocurrency, causing a 10% correction to $0.40, experts remain hopeful. According to Crypto News Flash, XRP has experienced weekly losses of nearly 15%.
However, the ongoing correction hasn’t dampened investors’ spirits, as they continue to make bullish price predictions for XRP. Taking historical data into account, several analysts anticipate a surge in the coming months. One crypto analyst, MikybullCrypto, points out that the current reversal pattern resembles a similar trend from 2017. The analyst believes that XRP could experience a significant rally similar to 2017, despite the prevailing pessimism surrounding it.
Another analyst, Tylie Eric, agrees with this sentiment and highlights the cyclical pattern analysis from 2017, which shows similarities to the current trend. Eric is optimistic about an impending price spike and believes that XRP has fulfilled all the necessary requirements to continue its upward trajectory, just as it did in 2017.
In 2017, XRP saw an impressive 1400% surge within a year, outperforming Bitcoin during the same period. The double bottom pattern that year propelled XRP prices to $0.30. If history repeats itself, prices could potentially rise as high as $35.
However, in order to trigger the next bull run, XRP’s price must first sustain above $0.50. According to Crypto News Flash, the immediate target for XRP is $0.95.
Pro-XRP lawyer Bill Morgan has taken advantage of the recent price dip and remains optimistic about XRP’s future. He sees the downturn as a buying opportunity and has purchased more XRP at slightly above $0.40. Despite the altcoin’s struggles to stay above the $0.40 threshold due to the broader market sell-off, Morgan views this as an opportunity rather than a setback. He has also hinted at further buying strategies, stating that he plans to acquire more XRP if the price reaches $0.375.
Morgan’s actions and commentary have sparked discussions about XRP’s potential future movements and strategies to capitalize on its current volatility. Some of his followers have expressed support for his approach, with one user commenting that it is a good move and that there is not much room for the price to decline further.
Meanwhile, the legal battle between Ripple and the SEC has taken new turns with the recent decision regarding Binance’s BNB sales. This has led to a fresh wave of arguments between the SEC and Ripple, as reported by Crypto News Flash.