A prominent cryptocurrency analyst, XRP Hawker, has issued a bullish forecast for XRP, predicting a substantial price increase in the coming months. The analysis is similar to XRP’s performance in 2017, suggesting a potential repeat of the market conditions that led to a significant price surge and the climb to its all-time high of $3.84 in January 2018.
The core of XRP Hawker’s analysis centers on a descending trendline that has acted as a consistent resistance level for XRP throughout the preceding months. Despite multiple attempts to breach this line, the cryptocurrency has been unable to sustain gains above it. However, a support zone above $0.46 has provided consistent price floors, indicating potential strength.
The analyst posits that a successful breakout from the descending trendline could catalyze a rapid XRP price increase. This breakout is anticipated as the cryptocurrency approaches the apex of the descending triangle pattern formed on the price chart.
XRP Hawker predicts a price surge to approximately $6.10 by the end of August, representing a significant increase from the current price of $0.5673. Following this initial rally, the analyst expects a period of price correction, potentially bringing the price down to around $2.38 in September.
This new all-time high of $6.10, which represents a climb of 975.27%, will be a significant milestone, with many investors taking profits before the predicted decline to $2.38. However, XRP Hawker emphasizes that this correction could be a precursor to a final, more aggressive upward movement. The ultimate price target for XRP is $32, which could be reached by early November.
The $32 target, which is 5,540.75% higher than XRP’s current price, aligns with the prediction of EGRAG CRYPTO (@egragcrypto), one of the top crypto analysts on X. XRP Hawker believes the $32 level will bring the conclusion of the alt season and altcoin surges for the current bull cycle.
While the overall forecast is bullish, short-term market indicators present a more complex picture. XRP currently trades below its 20-day Simple Moving Average (SMA) but above the lower Bollinger Band. This suggests a period of consolidation as the market attempts to gather momentum for the next significant price movement.
The Stochastic Relative Strength Index (RSI) is currently neutral. This reading leaves room for upward and downward price movements in the short term. A shift toward a bullish reading could validate the full reset predicted by EGRAG CRYPTO, and begin a short-term rally, potentially leading to more bullish performance and XRP heads toward XRP Hawker’s targets.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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Singapore, Singapore, 18th September 2024, Chainwire