XRP Price Forecast: Will it Reach $120 in the Next Bull Run?
The current state of the cryptocurrency market reflects a downward trend in Bitcoin’s price, leading to uncertainty about the market’s future. Investors are questioning whether the market will rebound or if this decline signals a long-term downturn. Sentiment is pessimistic as people question the potential for significant gains in their cryptocurrency investments. Despite some analysts suggesting a potential market recovery, substantial price increases have been elusive for several months. In the case of Ripple’s XRP, the coin has shown marginal gains of more than one percent in the last 24 hours, indicating a possible recovery attempt.
An Insight by An Analyst
An in-depth analysis by a crypto analyst and youtuber Cheeky Crypto focused on short to medium-term price predictions for XRP. By evaluating the XRP/USDT chart on Binance’s daily timeframe, it was observed that the coin is currently trading within a downward parallel channel but exhibiting resiliency. The current price is below both the 50 EMA and 50 SMA, signaling a bearish trend, with these averages standing at 51.6 and 51.1 respectively. Furthermore, the price is below the 200 EMA at 54.4, further reinforcing the bearish sentiment.
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Despite bearish indicators, there are positive findings to consider. A detailed analysis of candlestick patterns revealed overlapping movements, indicating short-term volatility rather than a sustained trend. The market has been range-bound for some time, and a potential concern is the emergence of a head-and-shoulders pattern suggesting a further downward movement.
The analyst’s minimum expectation for a decline is around $0.4188, with a potential to drop even lower to the range of $0.28 to $0.33. While short-term bearish momentum is likely, the overall market structure and candlestick analysis suggest a positive long-term outlook.
An examination of Elliott Wave theory and the stochastic RSI, combined with smart money concepts, suggests further short-term downside. However, on a weekly and monthly time frame, XRP appears oversold and positioned for a future price increase, possibly reaching between $5.59 and $126 during the next bullish cycle, likely by 2025 or 2026.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
