Market
Analyst Says XRP Price Is Long Overdue For Bullish Wave, Here’s The Target
The XRP price has struggled in the market over the past year and has failed to reach a new all-time high even after securing partial victories against the US Securities and Exchange Commission (SEC). However, this lackluster price action has not deterred investors, who continue to believe in the long-term potential of the altcoin. One crypto analyst, in particular, expects the coin price to see another bullish wave that could push it toward the $1 price target.
XRP Price Ready For Another Bullish Wave
Crypto analyst Alan Santana has predicted a bullish future for the XRP price. The analyst shared a recent analysis which took into account the past performances of not just XRP, but also other crypto assets as well, highlighting their recent peaks.
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The crypto analyst explained that all cryptocurrencies had time for their peaks, and then when they entered a bullish wave. Usually, this bullish wave tends to occur around 8-10 months following the previous peak, meaning that the XRP price is long overdue for a bullish wave.
Alan Santana revealed that the last peak for XRP was back in July 2023, when Judge Analisa Torres had ruled that programmatic XRP sales did not qualify as securities offerings. At the time, the XRP price had rallied over $0.7. However, once that bullish wave ended, the altcoin went into a decline that lasted almost one year.
Presently, the XRP price has spent a total of 11 months without a bullish wave and given the established average of 8-10 months for cryptocurrencies between each bullish wave, the altcoin may be getting ready for another bullish wave.
However, as the crypto analyst explains, not all bullish waves are the same for all crypto assets. This means that even if XRP were to see another bullish wave, it may not be as expected. Nevertheless, Alan Santana expects that the bullish wave will push the price further.
How High Can The Price Go?
Providing the possible target for where the XRP price may end up from here, the crypto analyst suggests that a 100% move is possible for the altcoin. One of the major targets highlighted is the $0.65, which is around a 50% increase in price from here.
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However, that is not the highest the price is expected to go in its next bullish wave. According to Alan Santana’s chart, the XRP price could end up running as high as $0.9442 before it loses steam. From here, it is possible that the price does touch above the coveted $1 level before correcting back downward again.
Featured image created with Dall.E, chart from Tradingview.com