Cryptocurrency analysts are buzzing with the possibility of XRP replicating its phenomenal price surge from 2017. This speculation comes after prominent analyst Dark Defender identified a key technical indicator that could trigger a similar bull run.
Dark Defender, along with others, believes XRP’s current price movement eerily mirrors the pattern observed in the 2014–2017 period. A crucial factor in this theory is the “Point of Control” (POC) – the price level where most trading activity has occurred historically for XRP. According to Dark Defender, as long as XRP holds above this key support level of $0.3917, a significant price increase could be imminent.
This potential bullish trend is further bolstered by XRP’s oversold status on the Relative Strength Index (RSI), a technical indicator used to gauge market momentum. Daily and weekly RSI readings suggest XRP is currently undervalued, potentially priming it for a breakout.
Other analysts, like Mikybull Crypto share Dark Defender’s optimism. Mikybull Crypto predicts XRP surpassing the $4 mark based on the current price action and the overall negative sentiment surrounding the token, which he believes could be a contrarian indicator.
Javon Marks takes the prediction a step further, forecasting a staggering 39,000% surge that would propel XRP to a mind-blowing $200. This prediction is based on his proprietary technical indicator, backed by historical data.
Dark Defender’s most recent analysis puts a high target of $18.22 on XRP. He identifies the Fibonacci support level of $0.3917 (coincidentally the POC) as a critical turning point, with potential price targets of $1.88, $5.85, and finally $18.22. However, he cautions that a drop below $0.3917 could disrupt this bullish structure.
The overall sentiment leans towards a potential reversal for XRP, with the weekly RSI hinting at an oversold market. Despite the analyst’s optimism, XRP is currently trading around $0.42, reflecting a slight decline in the last 24 hours.
Only time will tell if the coin can recapture the magic of 2017. However, with technical indicators and analyst predictions converging, XRP’s price movement in the coming months is certainly worth watching.