CryptoBull believes XRP will clinch the $23.80 price point in June, but history will have to repeat itself.
Pseudonymous XRP permabull and analyst CryptoBull has predicted that the asset will clinch the $23.80 price point in June.
The analyst disclosed this in a tweet last Saturday. The analyst shared the XRP weekly price chart, indicating that the asset’s price was in a bullish wedge continuation pattern similar to the time before it kicked off its previous bull market rally. Consequently, the analyst believes that XRP will repeat the same price action.
#XRP chart shows price at $23.80 by June! pic.twitter.com/iKvT574Rdv
— CryptoBull (@CryptoBull2020) February 5, 2023
CryptoBull’s analysis is similar to an earlier analysis by fellow XRP permabull Egrag Crypto. However, Egrag places the height of the first bullish price swing at $13, with a final target of $80 in the second swing after a retracement. For context, Egrag’s analysis is on the monthly XRP chart. Meanwhile, a monthly chart price analysis by CryptoBull as far back as Aug. 2022 places the peak of the next XRP bull run at $200.
#XRP repeating previous cycle. $200 next? pic.twitter.com/ND5m1D0Lnt
— CryptoBull (@CryptoBull2020) August 12, 2022
XRP is currently trading at the $0.4004 price point. The 4-hour chart indicates that the asset’s price pushed down over the weekend before finding support at around $0.3909 on Monday. Consequently, the price has bounced but faces resistance at around the $0.4033 price point, the previous lower high.
However, the price has also found minor support around the current price. So, bulls will hope that price can see the momentum to break the immediate resistance, as failure will risk returning to support.
As highlighted in a recent report, Egrag believes the current downward momentum could take the price down to $0.22 before a significant reversal to $1.4. Notably, Egrag’s model had predicted a run to $0.60 before the drop to $0.22. This price run is yet to happen.
At current prices, XRP is up 17.8% since Jan. 1. Top crypto analytics platform Santiment Feed last month tapped the asset as undervalued, asserting that it could easily compensate for losses endured in 2022.
It has been 1862 days since XRP clinched its all-time high of $3.84 on Jan. 4, 2018. The outcome of the US Securities and Exchange Commission case against Ripple this year will likely significantly impact the price.