In a surprising turn of events, a Bitcoin proponent has admitted XRP potential to stage a rally as he sets a target for $10 if the asset gets clarity.
Crypto Caesar, a prominent crypto analyst and well-known Bitcoin proponent, has surprised the market with his bullish stance on XRP. Caesar forecasted that XRP could hit $10 once it gets regulatory clarity.
In a recent analysis, the analyst emphasized that XRP is gearing up for a significant price movement on the monthly time frame, with a bullish cross confirmed on the LMACD (Linear Moving Average Convergence Divergence) indicator.
Love it or hate it #XRP looks to be setting up for a big move on the monthly time frame. Bullish cross confirmed on the LMACD.
Any positive news regarding the lawsuit could propel it significantly to the upside. If #XRP gets clarity then I wouldn’t shy away from a $10 target… pic.twitter.com/T4WkVOY1qv
— ?Crypto Caesar?™️ (@crypto_caesar1) July 11, 2023
The LMACD is used to identify potential trend reversals and generate buy or sell signals for an asset. It is derived from the traditional MACD indicator but incorporates linear moving averages instead of exponential moving averages.
The confirmation of a bullish cross on the LMACD for XRP suggests a positive outlook for the asset. This indicates that the shorter-term linear moving average has surpassed the longer-term linear moving average, indicating a potential upward trend.
Notably, a look at the charts shows that this phenomenon has occurred twice since 2016. Each time the market observed the pattern, a significant surge in XRP’s price ensued.
The bullish cross occurred in mid-2016 when XRP ranged between $0.005 and $0.007. Following the cross, XRP rallied to a high of $0.3987 in May 2017. The pattern was again observed in September 2020, resulting in a 716% run from $0.2418 to $1.9670 in April 2021.
The market has again witnessed the cross amid XRP’s current bearish situation. As a result, Crypto Caesar is forecasting an imminent price rally that could result in another explosive appreciation.
XRP to Hit $10 Once It Gets Clarity
However, the critical catalyst that Crypto Caesar believes could drive XRP’s value to new heights is positive news regarding the ongoing lawsuit against Ripple.
The outcome of the legal battle has the potential to provide much-needed regulatory clarity for XRP, which could lead to a substantial surge in its price. Should XRP gain the desired regulatory clarity, Crypto Caesar boldly predicts a target of $10 for the asset in this market cycle.
Other key players have made similar disclosures. Although there exists a difference in the price targets, the consensus is that XRP would embark on a massive rally once it gets rid of its legal pressure.
The unexpected optimism expressed by Caesar drew mixed reactions from the crypto community. A crypto enthusiast expressed skepticism in the bullish forecast, stating that XRP could reach zero.
However, Caesar swiftly responded, dismissing the notion that XRP would plummet to zero if it achieved regulatory clarity. Caesar expressed his confidence in the impossibility of this assertion, calling anyone who believes it “stupid or insane.”
Meanwhile, XRP remains in the clutches of the bears as of press time, trading for $0.4727. XRP is down 0.34% in the past 24 hours, having shed 3.25% of its value over the last seven days.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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