Market analysts are expressing growing optimism about the future of XRP (XRP), the cryptocurrency associated with Ripple. Some highlight a three-year cycle while others cite potential breakouts from major resistance levels that suggest that XRP may be set for a significant rally.
These bullish forecasts come as XRP fell below $3 today. This drop was part of a broader market slump that saw all top ten coins in the red.
What’s Next For XRP’s Price?
XRP was one of the many coins that saw its price reach record highs in the current bull run. However, the price dropped after the peak, with subsequent ups and downs, which is typical of any cryptocurrency.
Over the past day alone, the altcoin’s value has plunged 4.84%. At press time, it traded at $2.97.
While a correction after peak prices is quite common, analysts believe XRP still has a long way to go. In a recent post on X (formerly Twitter), Egrag Crypto, a prominent analyst, outlined a recurring pattern in XRP’s monthly RSI (Relative Strength Index) that follows a three-phase cycle.
The analyst suggested that each cycle follows a predictable pattern, comprising three distinct phases:
- Major Cycle Pump: In the first stage, XRP experiences a significant upward movement, causing the RSI to rise sharply.
- Cycle Correction: The second phase, where the market cools down after the major pump, and RSI declines.
- Cycle Blow-Off Top: The third and final phase, where XRP experiences another explosive upward move, pushing RSI to extreme levels, often followed by a major market correction.
According to Egrag Crypto, XRP has already completed the first two stages. Thus, the altcoin is in the third phase of its cycle, where the price is expected to surge again after the previous correction. This phase has already been observed in earlier cycles in 2017 and 2021.
“In Cycle 1 and Cycle 2, we observed similar behavior but at different altitudes. Now in the current cycle, the XRP RSI on the monthly time frame is exhibiting the same pattern: 1: Completed. 2: Finished. 3: Currently in progress! The big question is: how high will Cycle 3 go?” the analyst wrote.
Furthermore, Egrag Crypto predicted possible peaks at 80, 87, or even 97. The analysis suggested we are nearing the final push of the current cycle, and XRP’s price may experience significant movement before a potential correction.
Other market experts have added to the optimism. Analyst Steph pointed to a multi-year resistance on XRP’s price chart. He suggested that a breakout above this level could trigger a massive rally.
Another analyst forecasted that once XRP moves past its previous ATH, no major price barriers would prevent it from continuing to rise.
“XRP is expected to break above its ATH line soon. Once it breaks above that line, there will be no further resistance. This mean an explosive upward movement will begin. We will soon see a real rally in XRP,” the post read.
For now, the consensus among key voices in the crypto community is that the coin may be on the cusp of a significant upward trajectory. The market’s response in the coming weeks will be critical in determining whether this bull cycle materializes as predicted.
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