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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?
On Jan 7, 2018, $XRP hit $3.37 with $XRP.D (dominance) at ~15.5% of a $691B total crypto market cap. Since then, $XRP’s circulating supply has inflated by ~69%.If $XRP dominance rose to 15% today, it would place $XRP’s market cap at $330B (just 2.5x from 2017) and price around… pic.twitter.com/BpQGCRX7tD
— Cryptoinsightuk (@Cryptoinsightuk) September 3, 2024
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.
