How XRP Could Ascend to $20 Within the Current Market Cycle, Analyst Reveals
In a recent significant development, a seasoned Crypto analyst known as CrediBULL Crypto has outlined a scenario on their X platform in which XRP could ascend to $20 within the current market cycle. His analysis hinges on technical patterns observed in the XRP/BTC trading pair.
Key Resistance and Support Levels
CrediBULL Crypto emphasized the importance of flipping the $2 level as support to catalyse a rally towards new all-time highs (ATH). His chart analysis indicates that establishing this range as a firm support could facilitate a swift movement to double digits. He argues that achieving an ATH for XRP against Bitcoin is an inevitability contingent upon overcoming current market obstacles.
Despite highlighting the critical nature of the $2 resistance, CrediBULL Crypto remains optimistic, suggesting that XRP has the potential to trend upward on the USD pairing (within the $1.50 to $2 range) while concurrently working to breach the $2 threshold on the BTC chart.
Industry Expert Stance
Veteran trader Peter Brandt has echoed this sentiment, asserting that XRP needs to clear its 2021 peak of approximately $1.60 to initiate a noteworthy parabolic rally. Brandt’s outlook aligns closely with CrediBULL’s, reinforcing the notion that surpassing historical resistance is key to unlocking bullish momentum.
Conservative Projections
Conversely, analyst Egrag Crypto provides a more tempered forecast, projecting a cap around $12 for XRP. His analysis, also based on the XRP/BTC relationship, suggests recent price movements encountered a bullish inflection point at the ‘Atlantic and Pacific line.’ Egrag noted that a weekly close above $1 could signify a pivotal transition from resistance to support, laying the groundwork for a robust upward trajectory.
Egrag’s target range between $3 and $4 is vital; a sustained closure above this zone could set the precedent for a significant bullish rally. He posits that the primary objective this cycle should aim for the upper boundary around $12, a level he believes could fundamentally redefine market dynamics for XRP.
Egrag Crypto anticipates that a rally towards $4 may be imminent, considering XRP’s recent performance, including a breakout above the $1 mark and establishing a new two-year high.
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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.
