XRP Price Prediction: Will XRP Reach $11?
Despite a relatively slow increase in price throughout 2023, there is a bullish XRP prediction circulating that suggests the price could reach $11. This prediction is based on comparisons to cycles from other cryptocurrencies.
Bullish XRP Prediction
An XRP analyst known as EGRAG CRYPTO outlined four main reasons why he believes the XRP price will significantly increase this cycle. These reasons include potential surges of 40X, 50X, and even 58X, comparing it to the previous cycles of other cryptocurrencies like ETH and BTC.
However, it’s important to note that a previous prediction of reaching $28 in October 2023 did not come true.
Why the Prediction Will Not Hold True
When analyzing the weekly time frame, there is a significant difference between the bullish cycle in 2017 and the one in 2020. The price increase in 2017 was much higher than in 2020, and the all-time high of $3.53 from January still stands. This suggests that the 2020 cycle may have been a relief rally or part of a larger cycle.
A descending resistance trend line can be observed since the all-time high, which aligns with the 2021 high. Market cycles in BTC and ETH have been weaker each time, so it’s possible that the same will occur in XRP. Assuming an 1800% increase from the 2022 cycle low, XRP could reach a high of $5.60.
Why the Prediction May Prove True
The possibility that the cycle that began in 2020 was only the first part of a larger cycle or that XRP has been in a correction since 2017 could make the bullish prediction true. This type of movement has not been observed in most other cryptocurrencies, which started new cycles in 2020.
A breakout from the symmetrical triangle and a break out from the descending resistance trend line of the RSI would support this possibility. It could lead to a high near $20, surpassing the observed increase in 2020 and coming close to the increase in 2017.
Hot Take: XRP Faces Resistance Levels
Despite the bullish prediction, there are several horizontal and Fibonacci resistance levels at $1.65, $3, and $9.20 that may make it difficult for XRP to reach its target even if it breaks out.
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