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Several analysts continue to make bullish predictions for the XRP token despite its lacklustre price action. This time, crypto analyst Dark Defender has identified emerging patterns that suggest that XRP could rise to $2 soon.
The XRP Bull Run Is Here
Dark Defender mentioned in an X (formerly Twitter) post that the RSI (Relative Strength Index) for the XRP/BTC pair in the weekly time frame “stands in the same place as it did before the 2017 and 2021 XRP bull runs.” Going by the RSI indicator, he affirmed that the 2024 bull run is already here.
Source: X
From the accompanying chart which he shared, XRP hitting $2 looks to be just the starting point as the crypto token could still rise to as high as $12. This is also a possibility, considering that bull runs are known to bring new all-time highs (ATH) for different crypto tokens. XRP’s ATH currently stands at $3.84, a milestone it hit at the peak of the 2017 bull run.
XRP’s failure to surpass its ATH in the last bull run is believed to have been due to the regulatory uncertainty which handicapped the crypto token. However, having achieved regulatory clarity, XRP is projected to make a significant run this time around.
Interestingly, analysts like CryptoInsightUK have hinted at the token replicating a similar price surge to the one which occurred in 2017, when it saw a price gain of 61,000%. That price surge in 2017 is also serving as the basis for crypto analyst Egrag Crypto’s prediction that XRP could rise to as high as $27 in the next bull run.
XRP’s Road To $27
Crypto analyst Egrag Crypto recently gave an update on XRP’s current price action and further revealed how the crypto token will rise to $27. Firstly, he noted that a bullish pattern had emerged, with XRP achieving multiple daily closes above FSRF (Fibonacci Speed Resistance Fan) 0.5, a level believed to represent significant support for the crypto token.
With XRP holding above this level, the analyst hinted that it could rise to almost $2 soon. Once that happens, Egrag expects XRP to continue the upward trend and eventually breach the $2 resistance area. He predicts that FOMO (fear of missing out) will kick in once XRP rises above $2, something which Egrag believes will propel the crypto token towards the $27 price target.
At the time of writing, XRP is trading at around $0.56, up over 1% in the last 24 hours, according to data from CoinMarketCap.
Price recovers from dips | Source: XRPUSD on Tradingview.com
Featured image from CoinGape, chart from Tradingview.com
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