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XRP’s sideways drift continues after Monday’s 4.35% Surge to $0.5681. What next? Crypto analyst Cryptoinsightuk, in his X post, has chimed into the XRP movement in the coming days. The market is rejoicing with the legal outcome of the Ripple vs. SEC case and expects a breakout within the next few months.
Here’s the key insight!
Will XRP Break its Stagnant Phase?
Cryptoinsightuk is cautiously bullish on XRP’s potential. He highlights that although XRP’s circulating supply has grown by approximately 69% since its peak price of $3.37 on January 7, 2018, the cryptocurrency could still see significant gains. If XRP’s market dominance were to reach 15% today, it would suggest a market cap of around $330 billion, leading to a price of about $5.50, assuming no growth in the overall crypto market cap.
With the current market cap being 3.2 times larger than in 2017, XRP could rise to between $11 and $27.50 if the market cap reaches $4-5 trillion or even $9-10 trillion. However, Cryptoinsightuk notes that the main challenge is capturing the same hype and attention.
Bollinger Bands Signal Potential Move
Last week, X user JD highlighted a significant squeeze in the Bollinger Bands for XRP, a sign of prolonged low volatility. This often indicates that the token is gearing up for a substantial move, whether a rally or a correction. JD recently pointed out that the bands have tightened even more, suggesting that XRP could be on the brink of hitting a new all-time high.
XRP Price Prediction
In contrast, analyst Dark Defender is confident that XRP will hit higher soon. He predicts that XRP could soon hit $18 following a breakout from a prolonged consolidation phase. Dark Defender’s optimism is supported by technical indicators such as RSI dips aligning with price movements and a weekly RSI golden cross, signaling a potential bullish phase. The critical resistance level to watch is $0.6649, and XRP’s current position above the weekly Ichimoku clouds reinforces this positive outlook.
In the bear market, XRP’s price has also extended its losses, approaching the key support level at $0.5320, but has since shown signs of recovery, currently trading above $0.550. Following a decline from the $0.5330 region, XRP is now under pressure, trading below $0.560 and the 100-hour simple moving average. A bearish trendline has formed with resistance at $0.5570. For a potential upward movement toward the $0.600 zone, XRP needs to break through the $0.5620 resistance level.