A top market analyst Dark Defender predicts that XRP can surpass its all-time high (ATH) this market cycle. His projections are based on a newly formed golden cross on the weekly chart. Other prominent analysts are also bullish on XRP as Bitcoin breaks its all time high. XRP is currently trading at $2.45, up by 2% in last 2 hrs.
XRP to $5, How Feasible?
At its peak, the Ripple-backed coin has only hit an ATH of $3.841. Despite this bull cycle’s stellar performance thus far, the coin has yet to breach the $3.4 resistance level.
According to an X post from Dark Defender, the top coin may likely breach the $5.85 target in the long term. He pointed out the formation of the Golden Cross pattern on the weekly Relative Strength Index (RSI) on November 4 2024.
Following this formation, XRP price jumped from a low of $0.5029 to a multi-year high of $3.388. Months later, the coin recorded a similar pattern, signaling a big break that might set it up for a breakout. As reported earlier by CoinGape, different fundamentals, including the XRP whale accumulation, make this breakout more likely. As the top analyst mentioned, the coin’s immediate target is $3.33, a level that would have helped it clear its 90-day drawdown of 5.63%.
For a historical perspective on XRP’s value journey, see our feature on the 10,000 XRP pizza story.”
Earlier today, another analyst Cryptoinsightuk pointed weekly RSI forming bullish cross on XRP chart. This indicates rising buyer pressure on higher time frame and may suggest the trend reversal from bearish to bullish.
Historically, when weekly RSI crosses 50, unprecedented price rallies occur. This indicates, XRP price is headed to double figures as signalled by many analysts.
Bitcoin All time High Boosts XRP Price Odds
After more than four months, Bitcoin price hit new ATH above $109,000, re-igniting the altcoin season many believed might have faded away. Another analyst, credible crypto minutes ago shared his analysis highlighting that XRP can mimic Bitcoin bull rally from $27k to $74k marking new all time high soon. He added that this rally would happen faster for XRP as compared to Bitcoin that took about 2 years.
With the BTC now in price discovery mode, it can directly impact the performance of the Ripple backed coin. At the time of writing, XRP price was changing hands at $2.45, up by 1.63% in the past 24 hours.
The Ethereum challenger has maintained a low range during this period. It traded from a low of $2.357 to a high of $2.451 before settling at the current level. Many market experts have issued ambitious forecasts for the price of Bitcoin.
The more rallies the top coin prints, the better the chances of XRP to hit the Dark Defender target.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/xrp-price-may-surpass-its-ath-if-history-plays-out/
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