XRP To Hit $8, No Double Digits This Cycle Warns Crypto Analyst
Chart technician Charting Guy told his audience that XRPs current four-hour structure suggests a measured climb toward a cycle peak near $8yet nothing higher. Displaying a BITSTAMP four-hour chart overlaid with multi-sigma deviation bands, he wrote that XRP is over this standard deviation and we likely move up quickly to the next one at the $3 area, then one around $4.20 and the last one at the top around $8 coincidently my main target this cycle.
No Double Digits For XRP This Cycle
The analysts tone turned caustic when addressing hopeful forecasts for double- or triple-digit prices. To all the people saying $8 isnt high enough, he said, please throw your brain in the dryer after it got washed by all these influencer moonboys. He argued that a move from last cycles capitulation low near $0.28 to $8 already implies a 2,757% advance. Imagine not taking at least some profit lol, he added, warning that fixation on outlier targets had trapped retail investors in every prior top.
Charting Guy conceded that valuations beyond three digits are theoretically possible if they completely achieve their goal, referencing Ripples long-term ambitions in cross-border settlement and CBDC plumbing, yet he insisted that such a scenario is absurd for the current market phase. Itll likely take a few decades for all that to play out, he wrote. Influencer moonboys who know nothing have been saying these things for 10 YEARS and look at the chart. Its at $2.23 right now.
His broader technical read remains constructive. In a slew of follow-ups he highlighted that XRP is holding monthly Tenkan and Kijun perfectly, fighting between Kijun and Tenkan on weekly Ichimoku Cloud, and has held weekly EMA Ribbon perfectly as well as the weekly Supertrend. Those confluences keep the medium-term structure intact, he implies, even if short-term volatility remains. On the daily timeframe he cautioned that XRP broke out of channel, might come back to retest, a move thatby his chartcould drag price briefly below $1.90 before the anticipated climb resumes.
For Charting Guy, the disciplined approach is to respect those levels rather than chase grandiose numbers. That lack of understanding will make these people miss bull-cycle tops and ride it down 50 to 90 percent every cycle when they can trade a big chunk of their bag each cycle and quit their 9-5 sooner, he said. I just try my best to be realistic and help people based on actual data in the charts, not some fairy tale a YouTuber told me.
Related Reading: XRP Will Print A New All-Time High If This Happens: Analyst
While his $8 ceiling may disappoint the most fervent XRP believers, the targetif hitwould still mark the highest price in the tokens history and a near-thirty-fold return from the bear-market lows. For now, traders watching the four-hour deviation bands will be looking first for confirmation of a push through $3, then $4.20, as the analysts path to eight dollars begins to unfold.
At press time, XRP traded at $2.33.
Read more: https://www.newsbtc.com/xrp-news/xrp-8-no-double-digits-this-cycle/
Text source: NewsBTC
