Cryptocurrency experts remain optimistic about XRP’s price trajectory despite its dull performance recently. Certain experts anticipate the altcoin’s value to escalate from its current levels, with some analysts projecting a surge to $20 during the forthcoming bull market.
An anonymous crypto analyst believes a significant XRP rally in 2024. In a tweet, he pointed to a hidden bullish divergence on the 2-week XRP/BTC chart as evidence for their prediction. The analyst expressed regret that those who disregarded their previous projections for other altcoins might miss out on this imminent upswing.
The chart representation a declining pattern in the XRP/BTC pair over the preceding twelve-month duration. Nevertheless, a concealed bullish divergence is evident, suggesting that the XRP price trajectory may potentially experience a reversal.
A hidden bullish divergence appears when an asset’s price exhibits a lower low, yet the Relative Strength Index (RSI) indicator registers a higher low. This phenomenon is frequently interpreted as a signal that the downward trend is losing momentum, and a reversal is imminent.
However, the chart also reveals that the Average Sentiment Oscillator (ASO), a technical indicator designed to gauge the sentiment of traders in the market, has been exhibiting an upward trend in recent times. A rising ASO suggests that sentiment is becoming more bullish, which could be a sign that a price increase is imminent.
XRP Price Prediction
Analysts have varying predictions for the XRP price during the forthcoming bull market cycle, ranging from conservative to ambitious projections. However, many anticipate a rapid rise in this token’s value as regulatory clarity from the Ripple vs SEC lawsuit approaches.
Crypto analyst Armando Patoja provides an ambitious forecast, predicting a staggering over 3,000% increase in XRP’s price. Patoja argues that predictions estimating the token’s future price at $5 significantly underestimate the altcoin’s potential.
The crypto expert believes that the the token’s valuation possesses the capacity to soar substantially, potentially attaining a range between $10 and $20. He contends that forecasting XRP will merely reach $5 is akin to anticipating Bitcoin would culminate at $1,000 during the year 2015, thus exhibiting an overly conservative outlook.
According to tradinView, XRP is currently trading at the price of $0.61771 with a current market capitalization of $34 billion. The coin is 0.67% up in the last 24 hours, and gained 5.67% in the last 7 days.
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