Analyst Predicts Potential Surge in XRP Price to $8-10 Based on Chart Patterns
Recent analyses indicate that XRP could potentially rise to between $8 and $10 based on historical trends and chart patterns, despite current subdued trading activity around $2.44. Analysts emphasize the influence of Bitcoin’s price on XRP’s movements, noting significant Fibonacci levels and previous price patterns in their forecasts. Meanwhile, predictions suggest potential climbs to even higher values in future market cycles.
On Tuesday, XRP exhibited stable trading activity, maintaining its position after commencing the week at approximately $2.47. This cryptocurrency has displayed a range-bound pattern for several weeks, with significant price fluctuations following notable announcements. Following former President Trump’s proposition of a “Crypto Strategic Reserve” on March 2 and another surge triggered by the SEC’s dismissal of its lawsuit against Ripple on March 19, the price momentum has since decelerated, allowing earlier levels to re-emerge.
Current on-chain activity remains low. According to analyst Ali Martinez, whale movements have been minimal over the past week, with no significant buying or selling indicated by Santiment data. Despite this stagnation, there is an aura of optimism among analysts regarding XRP’s future price movement.
Crypto analyst Blockchain Backer has forecasted that XRP might reach a price range of $8 to $10, utilizing mathematical chart patterns and historical trends as his analytical basis. He emphasizes that this prediction springs from mathematical confluences rather than fundamental factors. Backer also anticipates that Bitcoin could peak at approximately $127,000 before entering a retracement.
Elucidating his predictions, Backer stated, “If the XRP versus Bitcoin price chart is going to do something similar to what we’ve seen historically… we could guess the top is around 88,200 SATs.” He clarified that such an outcome may lead to an XRP valuation of roughly $10.40. Additionally, he underscored the importance of the 4.236 Fibonacci extension as a vital indicator in interpreting past asset cycles.
He further elaborated, “Our price chart only gets us out to about $8.68, which is a rise of about 266% from the current price.” However, he cautions that for XRP to exceed $10, Bitcoin must surpass $127,000, with even higher targets necessitating Bitcoin prices reaching exceptional thresholds like $200,000 or beyond.
In a different analysis, Dark Defender has predicted XRP’s potential spike to $77.7 during the ongoing bull run. Utilizing Exponential Fibonacci Levels and the Elliott Wave theory, this analyst has pointed out the critical median level of $2.3951 that XRP has maintained since November, indicating bullish momentum. He anticipates an initial climb to the $5-$8 range, followed by an ascent toward $18-$23 and ultimately to potential three-digit values in the latter phase of growth.
As of the last report, XRP was trading at $2.44, reflecting a decrease of 2.34% over the preceding 24 hours.
In summation, despite a period of subdued trading activity, analysts harbor significant optimism regarding XRP’s future price trajectory. The predictions based on mathematical chart patterns suggest a potential rise to the $8-$10 range, contingent on movements in Bitcoin’s price as well. The ongoing analysis emphasizes key indicators such as Fibonacci retracement levels and historical trends, underscoring a collective anticipation for an upward price shift as the cryptocurrency market evolves.
Original Source: zycrypto.com
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