Could the value of XRP skyrocket to $3.30? A certain analyst appears to think so. In a recent tweet, this crypto expert expressed an exceedingly bullish sentiment on XRP, despite its current trading value of $0.6001, following a 24-hour decline of 4.38%. The suggestion was that XRP could experience a significant drop to $0.4715 in the weeks to come.
A Bullish Perspective on XRP’s Future
The analyst, known on Twitter as Irish red crypto.cspr, shared his positive outlook on Ripple’s XRP. He suggested that the remittance token’s dominance in the market could potentially rise to 13%. Based on the current market capitalization of the cryptocurrency market, this would equate to a XRP price surge to $3.30, should this prediction come to fruition.
Furthermore, the analyst believes that such a price increase would be just the beginning. He ended his post by emphasizing that many are too focused on short-term prospects and are overlooking the bigger, and according to him, very bullish picture.
Current State of XRP
However, data from CoinMarketCap at the time of the tweet showed that XRP had suffered a 24-hour loss of 4.38%, with the altcoin trading at $0.6001. This negative daily performance also pushed XRP’s weekly performance further into the red, to -6.50%.
Despite attempts to break out above the symmetrical triangle chart pattern on its daily chart, XRP’s price fell back into the chart pattern shortly after. Sellers then forced XRP below the chart pattern over the past 24 hours, where it continued to trade at the time of the post.
What’s Next for XRP?
If XRP’s price closes the current trading session below the chart pattern, it could risk falling to as low as $0.4715 in the next few weeks. This bearish scenario would be confirmed if XRP closes a daily candle below $0.5890, which may push XRP down to test the support level at $0.5830 and potentially further to $0.4715.
On the flip side, if XRP’s price manages to stay above the $0.5890 support in the coming weeks, or closes a daily candle above the triangle chart pattern within the next 48 hours, then the bearish outlook would be invalidated. In this case, XRP’s price could challenge the $0.6596 resistance, and with continued buying pressure, possibly even reach $0.7432.
For those who wish to stay updated on the XRP price surge or any other crypto market movements, the cryptoview.io application offers a comprehensive overview.
