XRP Price Forecast: Can XRP Reach $19 or $45 in the Next Cycle?
- Analysts predict XRP could hit $19 or $45, based on historical data and key technical indicators.
- XRPs recent chart shows a curving bottoming structure, signaling the end of its bearish trend after 777 days.
- If XRP follows past trends, it could see gains of 1,050% to 2,700%, reaching up to $45 according to analysis.
XRP is receiving attention from analysts due to signs that it could experience a massive increase in price. Egrag stated that in the future, XRP may be aimed to reach $19 or $45. These are considered by historical prices and standards as well as technical indicators that make the rounds to attract the attention of investors who are keen on the market with the aim of waiting for the next breakout.
XRP Bottoming Structure Signals Reversal
Some of the trends shown in the price chart of XRP for the formative period have included 21 EMA and 33 MA. Based on these indications, it can be presumed that the current status of XRP is in a bear market. However, the more recent formation is the curving bottoming structure, and this may indicate that the bears are running out of steam. This pattern comes after 777 DAYS of decrease, indicating that the price may soon rebound and start a new upward trend.
Source: X
He further added that there are similarities between the token market in 2017 and in 2021 but declined to provide his forecast on bouncing back. Specifically, in 2017, XRP managed to find an important support at the level of the 21 EMA, which signalled the final blowout top. In the same year, coin grew rapidly once it exceeded 21 EMA and 33 MA to proceed to the final leg of the bull run. These patterns indicate that after touching the support levels, cryptocurrency undergoes few large price swings, which is why many investors are inspired by it.
Dollar-Cost Averaging Strategy
If Ripple adopts similar trends to previous seasons, then cryptocurrency has lots of room for high growth. According to Egrag, token could rise between 1,050% and 2,700% to reach $0.019 or $0.045. He set a goal of $27, but he encourages investors to employ dollar-cost averaging (DCA). DCA also allows avoiding certain risks and fluctuations, which are rather abundant in the context of cryptocurrency.
These target price levels are expected as XRP markets progress and as hope builds around them. The next several months will be important in deciding whether coin will continue the cycle movement or shift to other regions. As for tokens next move, investors should always maintain a cautious approach but continue to be on alert.
Read more: https://www.tronweekly.com/xrp-price-forecast-can-xrp-reach-19-or-45/
Text source: TronWeekly
