On August 15, 2023, a viewpoint regarding XRP garnered attention. A pseudonymous cryptocurrency analyst, with the handle Irish red crypto on X (formerly Twitter), made a bold prediction, hinting at a promising trajectory for XRP.
According to Irish red crypto, “Next on deck for $XRP dominance is a rise back to 13% which at current market cap = 169bill market cap for #XRP ($3.30 per XRP). That will only be the start. You’re not ready for what XRP is going to do. Everyone is looking short term and ignoring the big picture.”
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The Analysis
In his tweet, the analyst expressed a bullish outlook for XRP, suggesting a potential rise in its market dominance back to 13%. Given the current market dynamics, this surge would elevate XRP’s value to a noteworthy $3.30. However, this prediction comes with an even bolder assertion- the climb to $3.30 would be just the start of a much larger upward trend for the cryptocurrency.
Elaborating on this, the analyst emphasized a prevalent trend in the market: many traders and investors tend to zero in on short-term gains. This, according to him, results in a narrow viewpoint that overlooks the long-term potential of assets like XRP. He believes that while the immediate future is promising, the long-term projection is even more so.
Next on deck for $xrp dominance is a rise back to 13% which at current market cap = 169bill market cap for #xrp ( $3.30 per xrp) . That will only be the start . Your not ready for what xrp is going to do . Everyone is looking short term and ignoring the big picture pic.twitter.com/SkFzYY3kXO
— Irish red crypto (@johnaldinioh89) August 15, 2023
However, the current statistics seem to tell a slightly different story. A recent update from CoinMarketCap revealed a 2% dip in XRP’s value over the past day, positioning its price at $0.58. This downward trend also affected its week-long performance, pulling it down by 6.45%.
Not long before this decline, there was a shimmer of hope for XRP enthusiasts. The cryptocurrency showcased signs of breaking out of a symmetrical triangle pattern on its daily price chart. Such a pattern often indicates a forthcoming significant move.
Initially, XRP’s price movement seemed positive, pointing towards an upward breakout. However, this optimism was short-lived. The cryptocurrency soon retraced its steps, slipping back into the triangle.
In the hours that followed, the seller’s market seemed to dominate, forcing XRP’s value below this triangle. If this bearish trend persists and XRP closes below the triangle pattern, it could potentially nosedive to around $0.4715 in the next few weeks.
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This prediction becomes even more likely if XRP closes below the $0.5890 mark. If this occurs, the next support level to watch would be $0.5830, with the possibility of descending further to $0.4715.
Yet, there’s a silver lining. If XRP can hold its ground above $0.5890 in the upcoming weeks or even break above the triangle pattern in the next two days, then the negative predictions might be thwarted.
In such a scenario, XRP could target the resistance at $0.6596. With adequate buying support, it might even reach up to $0.7432, offering a glimmer of hope to its proponents.
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