Crypto analysts have shared their new evaluations of the XRP price, suggesting a significant upward momentum in the coming weeks. Their analyses, shaped by technical formations and historical data, highlight both short-term and long-term expectations.
Hope for Growth Based on Historical Data
Crypto analyst Egrag Crypto points out similar peak movements in XRP prices observed in 2017 and 2021, suggesting that such cycles may repeat. The analyst notes that the double peak formations identified on the RSI chart align with historical patterns. According to Egrag Crypto, this indicates that XRP may attempt a new peak within the next three to four months. This expectation raises the idea that the XRP price could regain the $3 threshold.
Technical Patterns: Risks and Opportunities
Another aspect highlighted by Egrag Crypto is the 'Inverse Head and Shoulder' formation. Known as a significant reversal formation in technical analysis, its completion could see XRP reach the $3.7 to $3.9 range. Conversely, Dark Defender focuses on a different scenario using Elliott Wave Theory, noting a potential price dip below $2. Analyst CasiTrades suggests that while the current downturn has not fully ended, the RSI indicator is giving positive signals for a rise to the 0.618 level or the golden pocket region around $2.15-$2.17.
Market Uncertainties Pressure Prices
Another uncertainty facing XRP investors is regulatory developments. New updates in the legal process between the SEC and Ripple may lead to sudden market fluctuations. Experts indicate that while XRP carries strong growth potential, there are also short-term risks. Investors must consider external market factors and closely monitor market developments.
Despite favorable technical analysis forecasts, investors should remain cautious, considering external market changes and regulatory trends. While XRP shows the potential for significant growth, certain risks remain.
