The past week has been characterized by bullish predictions for the XRP price and the crypto analysts are far from done. The latest prediction has painted an incredibly bullish picture for the cryptocurrency, putting it at a double-digit price on the back of an expected parabolic rise.
XRP Price To Surge By 2,500%
In an unexpected prediction post made on X (formerly Twitter), a pseudonymous crypto analyst known as EGRAG CRYTPO is seeing big moves for the XRP price. The post featured a chart that showed the cryptocurrency forming a rather distinctive triangle pattern.
Now, according to this post, this pattern is important because of what happened the last time it appeared. As EGRAG’s chart points out, the same pattern that has formed over the last four years is almost identical to that seen between 2014-2018.
#XRP Only 2500%:
If you can’t see the incredible potential of #XRP in the chart below, especially when breaking through MYTL, then I’m afraid there’s little more I can do to convince you.#XRPArmy STAY STEADY and do not forget that we have clarity for GOD’s sake. pic.twitter.com/S1097h4ujS
— EGRAG CRYPTO (@egragcrypto) September 12, 2023
Once this pattern had formed completely last time, the XRP price saw an impressive rally, going from around $0.005 to over $1.2. This time around, the analyst believes that if this pattern repeats, then the XRP price could see a parabolic rally that could bring its price above $10.
Furthermore, if the XRP price were to follow the forecast as was previously seen, $10 may only be the halfway point for the altcoin. EGRAG’s chart shows a possibility of even doubling from this point, bringing the possible end point for the rally to $20.
Token price maintains trend below $0.5 | Source: XRPUSD on Tradingview.com
Crypto Analysts Bullish On XRP
The bull bug for the XRP price has spread rapidly across crypto analysts who have continued to come forward with bullish predictions. Another analyst who also sees an imminent impressive rise for the asset is Dark Defender.
While Dark Defender’s prediction is a lot more conservative compared to EGRAG’s, it is still very optimistic. In the chart shared by the analyst, they point toward a break above $5. This is based on the Elliot Wave analysis, with Wave 1 already passed and Wave 2 close to completion. Following this, the analyst predicts that Wave 3 could see the XRP price rise between $1.88 and $5.85.
Wave 1 has broken down the #Weekly Resistance since $1.966 & #XRP has almost completed the back-test (Wave-2) on this Support (which was a resistance).
Elliott Wave 3 now targeting $1.88 & $.5.85.
As always, not financial advice,
I just Watch
Have an excellent day!… pic.twitter.com/z5WDSYMYDJ
— Dark Defender (@DefendDark) September 13, 2023
Dark Defender’s prediction is also similar to the bull case presented by another analyst who goes by Coinskid on X. Coinskid points to a resistance just below $1, saying that a break above this resistance could see the XRP price rise as high as $6.29.
#xrp if we do see #xrp take out the red line as resistance, then it may be increasing the chances of taking out the April 2021 high, leading to a 1.618 $6.29 price tag.
Keep an eye on the close this month. It has been holding 0.236 since busting through it in March this year. pic.twitter.com/oyQdvyBhK9
— CoinsKid (@Coins_Kid) September 13, 2023
Naturally, these are just speculations, meaning that it is not a given. For now, XRP is still struggling just above $0.47 as recent market trends have helped bears take control of the asset.
Featured image from Cryptoknowmics, chart from Tradingview.com
