XRP Price Target Set for $8: Analyzing 2017-esque Technical Patterns
While the broader cryptocurrency market has entered a consolidation period, XRP is making notable strides, experiencing a 14% increase in just the last 24 hours. Analysts are observing that the price patterns of XRP may reflect the bullish trajectory seen during the 2017 rally, with forecasts suggesting a potential surge to $8 and possibly higher.
Currently, XRP is approaching a critical resistance level at $0.75, boasting a market capitalization that has surpassed $41 billion, along with a significant 166% rise in daily trading volume, now at $11.53 billion.
Potential New All-Time Highs?
According to Coinglass data, XRP’s open interest has increased by 14% to reach $1.120 billion, contributing to $24.5 million in liquidations within the past day. This growth in open interest indicates strong bullish sentiment, which may precede a larger price rally.
Crypto analyst Armando Pantoja has identified a key opportunity within XRP, projecting an ambitious price target range between $8 and $30. He emphasizes that the technical indicators currently in play for XRP closely resemble those from previous significant rallies. Notably, Pantoja points to a symmetrical triangle pattern, a bullish MACD (Moving Average Convergence Divergence), and increasing trading volume as critical indicators.
Historically, the last time XRP demonstrated a similar technical setup, it experienced a meteoric rise from fractions of a dollar to over $3. Pantoja suggests that this could mark a final opportunity to accumulate XRP below the $1 threshold.
FOMO and Market Sentiment Anchoring the Rally
Blockchain analytics platform Santiment has indicated that XRP has recorded the highest ratio of long versus short positions on Binance since March. This data signals robust bullish sentiment among traders, particularly as XRP seeks to break solidly above the $0.75 resistance level. The anticipation is bolstered by discussions surrounding the potential dismissal of the SEC lawsuit against Ripple.
Moreover, XRP’s social sentiment is on the rise, with discussions related to the cryptocurrency accounting for approximately 4% of the total crypto market dialogue. This growing interest coincided with a substantial 45% increase over the past week, a movement that some analysts attribute to market dynamics following recent political developments.
XRP’s next critical hurdle will be surpassing the March high of $0.74, with market sentiment and the Fear of Missing Out (FOMO) being crucial drivers. Analysts emphasize that sustained upward momentum is contingent upon balanced funding rates across major exchanges, such as Binance, to mitigate excessive accumulation of leveraged long positions.
In parallel, the Ripple ecosystem is actively exploring expansion through strategic partnerships, with hints of collaboration involving Cardano’s founder, Charles Hoskinson, though details remain sparse at this time.
Read Also: Bitcoin Might Hit $327K If Conditions Align, Peter Brandt Predicts
Follow us on Twitter, Facebook, Telegram, and Google News
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.
