Amid the recent ruling that XRP is not a security as alleged by the SEC, a renowned crypto strategist expects the crypto asset to claim the $6 price territory by December.
CoinsKid, an expert technical analyst has submitted a daring prediction regarding the XRP price. The analyst envisions a decline in the XRP price, which will be followed by a remarkable surge. Coinskid added that the imminent surge could skyrocket XRP to the $6 price level by December.
Amid the prevailing uncertainty in the XRP market at the moment, the pseudonymous chartist foresees a possible dip to the range of $0.54 before the anticipated rally takes place.
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XRP 2020 Price Action
The foundation for this optimistic forecast is rooted in the examination of historical patterns observed in XRP’s price behavior. By meticulously analyzing data from a weekly chart, the analyst has discerned striking resemblances between the current trajectory and the one witnessed in 2020.
Notably, in November 2020, XRP underwent a substantial rally of 219%, surging from a low of $0.2453 to an impressive high of $0.7841 by the end of that month. However, this upward momentum faced robust resistance, resulting in intermittent declines over the subsequent weeks.
By December 2020 ending, XRP had tumbled to a low of $0.1729, partially influenced by the Ripple-SEC lawsuit. Nevertheless, the digital asset staged a remarkable comeback. It embarked on an impressive recovery campaign, reaching a high of $1.9695 in April 2021. This marked an astounding 1,039% surge from its December low.
XRP To $6 in Months
Drawing parallels between the present XRP movement and the one witnessed from November 2020 to April 2021, CoinsKid observed that the asset had experienced a rally to $0.9380 in response to a ruling in the SEC lawsuit on July 13. But the price met resistance at this level and settled at $0.7310, reflecting a 22% decline from its recent peak.
Consequently, the analyst expects the retracement to the $0.5401 level. Despite this predicted correction, Coinskid views it as an opportunity for investors to accumulate more XRP tokens before the next bullish wave sets in.
According to him, the subsequent rally should drive XRP back to its previous high of $1.9 observed in April 2021. Citing a potential resistance at this level, he submitted that surpassing it would pave the way for XRP to hit $6 by the year-end. Should this play out, it would signify a 720% increase, although still lower than the 2021 rally.
It bears noting that several other experts have also shared their respective bullish expectations for XRP. As published, top influencer BitBoy expects the asset to hit $35 whereas another prominent analyst said XRP to reach $1.4, $3.7, or $200.
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