- XRP breaks above a critical $0.50 mark, triggering mixed reactions among crypto analysts regarding its future price movement.
- Speculations range from a rise towards $1.80 to a possible drop to $0.41 before rallying again.
XRP, Ripple’s native cryptocurrency, recently breached a significant $0.50 mark, prompting a flurry of analyses from the cryptocurrency’s observers. As it settles at $0.51, comfortably above the descending trendline that had enveloped it since July, discussions stir among top analysts, suggesting that the altcoin is at a pivotal point.
Navigating Through Speculations
The breaking of this descent has been viewed by some as a harbinger for an uptrend. However, the collective sentiment is not wholly bullish. For instance, Lockridge Okoth, a notable crypto analyst, maintains a cautious stance. According to Okoth, unless XRP catapults above $0.57, it might risk tumbling to a $0.41 range low.
Similarly, another revered analyst, EGRAG CRYPTO, states that a close above the Fibonacci 0.5 level at $0.57 would usher in a bull market with a potential high of $1.4. EGRAG, however, does not discuss the possibility of a dip before a rally.
Technical indicators somewhat support the cautious side of the narrative. The Relative Strength Index (RSI) of XRP has slipped below an ascending support line, pointing downwards at 47.33 on the daily chart—a hint at the market’s bearish tilt.
The Bullish Camp
On the flip side, some analysts are leaning towards a bullish outlook. DefendDark, for instance, notes that XRP displays robustness on both daily and monthly charts following its escape from the previous descending trendline. He envisions a potential rally to a $1.237 major resistance, albeit with a caveat to monitor key supports at $0.46 & $0.39.
Echoing a similar bullish sentiment, Duo Nine believes that as long as XRP secures a position above $0.45, it may spearhead a rally, challenging resistance levels at $0.87, $2, and possibly $3.3.
Another analyst, @Cryptobilbuwoo0 on Twitter, pinpoints a bullish divergence which could catapult the altcoin as high as $1.80—a scenario reminiscent of the July rally post the Ripple court victory.
Wild predictions are also on the table. A figure within the XRP community, known as XRP Whale, envisages the price skyrocketing to $10 in 2023—an almost 20x leap from the current price.
In a more extravagant vein, XRP Captain wouldn’t be shocked to see a staggering $100 to $130 in the next crypto bull run, while Shannon Thorp, another community figure, foresees a high as $500. However, many within the community regard these predictions with a dose of skepticism.
In all, while optimism surrounds XRP‘s fate, analysts agree that certain milestones need to be achieved before these bullish forecasts can materialize.