Market Expert Predicts an XRP Rally to $6 in Five Months

Citing historical patterns, market analyst CoinsKid forecasts a drop in XRP price immediately followed by a massive rally to $6 by the end of this year.

The XRP market remains indecisive following the latest surge to the $0.93 territory. Amid this prevalent uncertainty, market analyst CoinsKid believes XRP will likely drop to the $0.54 zone before rallying to $6 by year-end.

This price projection, disclosed in a recent analysis, considers historical patterns observed with XRP. Citing data from a weekly chart, the analyst highlighted XRP’s price movements in 2020. According to him, the asset looks primed to repeat a similar pattern this year.

XRP 2020 Movements

Notably, XRP rallied by 219% from a low of $0.2453 in the second week of November 2020 to a high of $0.7841 toward the end of the month. After the massive rally, XRP faced strong resistance, posting intermittent declines in the following five weeks.

Subsequently, the asset plummeted to a low of $0.1729 in late December 2020. The SEC’s lawsuit, which came up on Dec. 22, 2020, contributed to this discouraging retracement. 

However, XRP staged a comeback against the Bears. This recovery campaign triggered an impressive upsurge, resulting in a high of $1.9695 in April 2021. This represented a 1,039% increase from the low of $0.1729 witnessed in late December 2020.

XRP on a Similar Path

According to CoinsKid, XRP is currently on a path that mirrors its price movements from November 2020 to April 2021. Notably, XRP has already embarked on the initial rally, which occurred on Jul. 13 in the wake of Judge Analisa Torres’ ruling in the SEC lawsuit.

XRP rallied to $0.9380 but faced resistance at the price territory. Currently changing hands at the $0.7310 level, XRP is now down 22% from the high of $0.9380. The asset has not shown signs of another upsurge, leading market watchers to believe the rally might be facing exhaustion.

CoinsKid believes the retracement is not over, and XRP could still plummet to lower levels, following an A, B, C correction Wave pattern. The analyst sets a target price of $0.5401 at the least. However, he positions this retracement as an opportunity to procure more XRP tokens before the next leg up.

According to CoinsKid, the next rally should skyrocket XRP to the $1.9 high witnessed in April 2021. The asset could face resistance at this level. However, once it breaks above this resistance, its trajectory should lead to a $6 price by the end of this year. This would mark a 720% increase, still lower than the 2021 rally.

The analyst called attention to the US Dollar Index’s (DXY) oversold position, noting that the dollar would bounce back in the coming weeks. He stressed that this should trigger the expected correction for XRP and other crypto assets. XRP is currently trading for $0.7310, down 1.62% in the past 24 hours.