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Analyst Says Repeat Of 2017 Could Drive Rally
Crypto analyst Dark Defender has predicted that the XRP price could rise to $8 and explained what could spark such a parabolic rally for the crypto. As part of his bullish prediction, the crypto analyst also revealed what could lead to XRP rising to $18.
XRP Price To Rise To $8 If Repeat Of 2017 Bull Run Occurs
Dark Defender predicted in an X (formerly Twitter) post that XRP would rise to $8 if a repeat of the 2017 bull run were to occur. Back then, XRP recorded a price rally of 61,000% in 280 days to its current all-time high (ATH) of $3.84.
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The crypto analyst seemed confident about this 2017 price surge happening again, stating that the XRP community is having a “deja vu of 2017 by standing weeks in front of the XRP bull run.”
Dark Defender added that if a similar run is in place, $18.22, the Fibonacci level of 361.80%, is expected to be the upper target level of XRP’s Wave 3 impulsive move. From the accompanying chart, this projected move to $8 and possibly $18 is expected to occur sometime between October and early 2025.
The crypto analyst also provided an analysis of XRP’s current price action and highlighted critical support levels XRP needs to hold above if it is to rise to this unprecedented height. Firstly, he noted that the crypto has been consolidating between $0.3917 and $0.6649. Meanwhile, in the weekly time frame, XRP’s relative strength index (RSI) dips have formed a parallel with price dips. At the same time, the weekly RSI Golden Cross is said to be in place.
Dark Defender again highlighted the importance of the $0.6649 price level. He claimed that this level, above the weekly Ichimoku clouds, is a “crucial marker” that must be in place before XRP makes its parabolic run. The analyst also noted that $0.5286 and $0.4623 are critical support levels, which XRP holders should keep an eye on.
XRP Could Rally By 5,000% And Rise To $27
Crypto analyst Egrag Crypto has also offered a more bullish price prediction for XRP, suggesting that the crypto could enjoy a 5,000% price gain and rise to $27. As a more conservative price prediction, he remarked that XRP could enjoy a 2,400% price gain and climb to $17. He made these predictions based on the Bullish Hammer Candle Stick formations, which he noted have historically produced massive price gains for XRP.
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This isn’t the first time Egrag has predicted that XRP could rise to as high as $27 in this bull run. In November last year, he mentioned that this price level was a “plausible” target, especially if the crypto repeats its 2017 bull rally.
At the time of writing, XRP is trading at around $0.55, down over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com