A recent post by technical analyst XRPunkie offers an interesting perspective on XRP's price potential, using wave theory to predict possible movements.
Overview of XRP's Price Forecast
XRPunkie's analysis includes a chart displaying daily price action of XRP on Coinbase (XRP/USD), highlighting past gains, current consolidation, and Fibonacci extension levels. According to his data, XRP surged approximately 600% over 73 days from November to January, and is currently consolidating. XRPunkie suggests that the next major upward move could exceed previous performances.
Long-Term XRP Targets
In response to a question from another user about whether the $13-15 target was the final price peak for this cycle or just a mid-cycle target, XRPunkie clarified his longer-term outlook while advising caution at higher levels. He stated that his targets of $26-33 are still valid but plans to stagger profit-taking as the price approaches the $13-15 range.
Current XRP Price Context
At the time of his post, XRP was trading around $2.27. The chart shows XRP emerging from a descending channel and potentially beginning its next upward move. The price is just above key moving averages (21 EMA and 33 SMA), which, combined with the technical wave count and historical context, form the basis of XRPunkie's bullish thesis.
XRPunkie's analysis provides a clear framework for traders and investors to consider, grounded in prior market behavior and technical patterns. While the $26-33 range remains his ultimate target for the cycle, XRPunkie's near-term focus is on the $13-15 zone where he expects significant resistance and plans to take profits accordingly.
