Bullish Price Run on the Horizon for XRP, Analyst Suggests

XRP might have been facing declines in the past few days. However, that does not stop bullish sentiments on the token from top crypto analysts and chiefs. 

Per XRP’s price action statistics, the digital asset is priced at approximately $0.54, mirroring a 1.5% jump in the past 24 hours. In the past month and last 14 days, XRP registered declines of about  13.5% and 7.2%, respectively.

Read Also: Leading Exchange Predicts 114,130% XRP Price Rise To $594. Here’s the Timeline

Amid the back-and-forth price trajectory that XRP seemed to be displaying, Mathew Dixon, the Chief Executive Officer (CEO) of Evai, a crypto rating platform, recently took to X to share his view about XRP’s price movements. 

XRP Might Decline Further Before A Potential Recovery Bull Run

According to the Evai CEO, XRP’s price could be on the verge of a bull run. However, the token will register more declines before turning the tides in its favor to skyrocket.

Justifying his claims, Dixon attached a price chart to his tweet to explain his assertions better. Per Dixon’s shared chart, XRP is consolidating after surviving a period marked by instabilities in the crypto asset’s price trajectory.

Using the 1-hour time frame chart, Dixon envisages XRP’s potential drop to $0.5250 before attempting to break above $0.54. 

A positive signal we deduced from Dixon’s shared chart centered around the Relative Strength Index (RSI). Notedly, the displayed chart pointed out that XRP’s RSI is below the overbought area, implying that spaces to continue ascending abound without worrying about the prospect of XRP shooting overboard too soon.

It is left to see how events unfold. Although Dixon’s assertion did not have a timeline attached, it is still a sort of fresh breath for XRP holders to hold on to their accumulated tokens.

Read Also: This Historical Trend Has Something Bullish For XRP Price: Details

Bitcoin (BTC) Surpassing $43,000 Could Mean Good News For XRP.

XRP might have traded below $0.6 for most of January, which is quite understandable because Bitcoin (BTC) was not at its best throughout the same period. 

The BTC’s sudden price decline on January 3 saw XRP drop abruptly from the $0.60 price level which it comfortably captured before the unfortunate event.

Meanwhile, in another news that has attracted considerable attention, Bitcoin (BTC) has exceeded $43,000 and could still increase further. Data on CoinGecko revealed the number one cryptocurrency to be changing hands at roughly $43.4K, reflecting a 2.9% increase in the past 24 hours. 

Should BTC sustain its positive price run, it could signify a turnaround for most altcoins, including XRP.

---

Follow us on Twitter, Facebook, Telegram, and Google News