The recent price movement for XRP can be considered a consolidation phase, with the asset still searching for a path toward $1 despite receiving legal clarity that declared the token not a security.
When examining the XRP price trajectory, an analysis by a cryptocurrency expert with the pseudonym Egrag Crypto outlined a potential path that could see the asset breach the $1 mark and potentially skyrocket to $3.7. In the analysis posted on X (formerly Twitter) on December 26, the expert suggested that the $3.7 target remains possible if historical patterns repeat themselves.
The analysis points to the current consolidation phase of XRP along a slanted trend line, drawing parallels to a past cycle that saw the asset reach $1.60 after gains of over 500% in 2021.
The expert noted that the current chart pattern closely mirrors the consolidation above the trend line during that cycle. Additionally, the analysis highlighted the presence of a glowing green Super Guppy upon breaching the trend line.
Notably, the Super Guppy is a set of moving averages that visually indicates trend strength and potential reversals. In this context, the pattern signals a bullish trend in XRP, with green symbolizing positive upward movements.
“If history repeats itself with XRP following the Cycle’ B’ pattern, a surge akin to previous moves could potentially pocket us $3.70,” the analyst stated.
The expert suggested that consolidating one’s dollars and other crypto gains into XRP during this phase could amplify a portfolio almost seven times. This strategy appears particularly attractive for those sitting on a substantial sum, as XRP is positioned as a potential avenue for significant gains.
“If you’re sitting on a hefty sum, #XRP seems like the smart move for a potential 6-7X gain,” he said.
XPR’s key timeframe to watch
He added that the forecast for XRP is set for a potentially exciting period between December 2023 and February 2024. According to the analyst, this timeframe could witness “fireworks” for XRP, hinting at significant price movements and potential investor opportunities.
It is worth noting that since the partial victory in the Ripple and Securities Exchange Commission case (SEC), which saw XRP declared not a security, the overall market anticipation was that the token might rally past $1. However, as the case awaits its conclusion, the token has failed to build a formidable rally in line with the general market movement, with insiders terming the valuation ‘very strange.’
In the meantime, as reported by Finbold, XRP is in a race with competing assets such as Cardano (ADA) to hit $1. In this context, XRP is potentially better positioned to reach $1 based on underlying factors like technical indicators. Meanwhile, crypto experts have offered diverse price projections for XRP moving into the years, with the asset remaining a key altcoin to watch.
XRP price analysis
By press time, XRP was valued at $0.65, having recorded daily gains of over 2%. On the other hand, the token has recorded gains of almost 5% in the past seven days.
Elsewhere, a review of XRP technical analysis retrieved from TradingView shows that XRP is dominated by bullish sentiments, with the summary aligning with a ‘strong buy’ at 16. Moving averages also recommend the same rating at 14, with oscillators aligning with a ‘buy’ at 2.
Overall, the skyrocketing prospects of XRP will also be influenced by the market trajectory and adoption rates of Ripple’s underlying technology.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
