In the midst of adversity and the recent 22% drop from its peak of $0.93, $XRP has become the center of a number of bold price predictions, with a popular technical crypto analyst recently suggesting the cryptocurrency could see a sharp increase to the $18 mark if a unique historical pattern holds its course.
This prediction is rooted in a pattern marked by recurrent dips and rebounds visible on XRP’s daily trading charts. The sudden rise to $0.9380 on July 13 was followed by a reduction, a pattern that analyst anticipates will persist and see XRP drop to $0.52, before a subsequent surge to $4.3.
Per the analyst’s XRP price predictions, after the cryptocurrency hits the $4.3 mark, it will drop to $1.6, before moving up to $7.4. From that point on, the prediction sees it move back down to $6, before the cryptocurrency keeps on rising to the $18 mark, which would mark a staggering 2,400% rise from its current price.
The analysis is based on a recurring pattern that has been relatively accurate to date, although its future reliability remains an open question. Analysts often warn investors that past performances are not a good indicator of future price movements.
As CryptoGlobe reported, XRP has recently risen to the top of the cryptocurrency space when it comes to trading volume, now accounting for a stunning 21% of the market’s volume amid a price explosion of over 60% in a single week.
XRP’s trading volume exploded after a federal judge in New York determined that the XRP token “is not necessarily a security on its face” in the legal battle between Ripple, a major player in the XRP space, and the U.S. Securities and Exchange Commission (SEC).
Various analysts have been bullish on the cryptocurrency after the ruling came out, with a popular crypto analyst recently revealing he sees the cryptocurrency’s price explode to $6.
Earlier, analyst Michaël van de Poppe focused on XRP saying he envisions a potential downward adjustment to approximately $0.65. This dip, however, is not cause for concern, as Van de Poppe believes it could set the stage for a bullish resurgence. According to his analysis, the post-dip rally could escalate XRP’s value to a high of $0.90.
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