Price Prediction: Expert Trader Forecast When XRP Will Surge 2x to 5x
XRP investors are eagerly awaiting a sustained bull run that could drive the altcoin’s price beyond $1. However, XRP has been trading around the $0.50 range for an extended period. A prominent trader, known for his expertise in the crypto market, has suggested a potential timeline for the awaited XRP bull run.
Overview of Bitcoin Dominance
The trader highlighted the significance of Bitcoin’s dominance, predicting that altcoins like XRP could experience price increases of 2x to 5x once Bitcoin’s dominance begins to decline. He advised market participants to consider accumulating during this period, as the upcoming year appears promising for the broader market.
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It is important to note that while Bitcoin’s dominance has been steadily rising in recent months, analysts anticipate a potential decrease, which could pave the way for the anticipated altcoin season.
Emphasizing the importance of XRP closing above $0.55 for the week, the trader cautioned that failure to do so might lead to a test of support at $0.40. Currently, XRP is trading at $0.5416, reflecting a 1.95% increase over the last 24 hours.
Analyst Stance on XRP
Furthermore, a technical analyst known as “Charting Guy” also shared a similar perspective on the timing of XRP’s bull run. He emphasized that underperforming altcoins like XRP are unlikely to see significant movement until Bitcoin enters a price discovery phase, indicating that XRP may continue to range between $0.43 and $0.67 until then.
Bitcoin reached an all-time high above $73,000 in March but has since traded below that level for the past seven months. It has faced resistance around the $70,000 level, hindering the initiation of a new price discovery phase. Currently, Bitcoin is trading at $63,500, a 13% decrease from its all-time high.
Charting Guy suggested that until Bitcoin surpasses the resistance levels, underperforming altcoins such as XRP may struggle to gather the momentum required to reach higher price levels.
Moreover, the technical analyst highlighted that the Bollinger Bands on the monthly chart have been tightening. He mentioned that a monthly close above the upper band at $0.67 could signal a potential rally for XRP, while a monthly close below the lower band at $0.43 might result in a significant drop for the cryptocurrency. He concluded that these bands would continue to tighten until a decision is made.
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Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
