The XRP rally above $0.50 puts the altcoin at a crossroads, with some analysts predicting a continuation of the XRP uptrend while others hinting at a price drop before any significant uptrend can begin.
The price of XRP has increased by 6% over the last week, sending it above the $0.500 support level. The rally above $0.500 takes XRP above the descending trendline it has traded under since July.
XRP now trades at $0.51, comfortably above the descending trendline and a critical support level. Does this mean that the uptrend will continue? Popular crypto analysts have shared their opinions about the XRP price trajectory.
A Price Drop Before An Uptrend?
Despite the rally above $0.5100, crypto analyst, Lockridge Okoth, is not particularly bullish about XRP. According to Okoth, unless XRP breaks above $0.57, it risks a price drop to the range low at $0.41.
A similar sentiment is shared by another popular crypto analyst, EGRAG CRYPTO. EGRAG explains that XRP’s close above the Fib 0.5 level at $0.57 would mean a bull market with a target at $1.4. While he mentions the possible rise, he doesn’t mention a drop before the rally.
Technical analysis supports this price drop in the short term. The RSI of XRP has broken below an ascending support line. The RSI now at 47.33 on the daily chart and pointing downwards, hints at sellers dominating the market.
A Price Drop Before An Uptrend?
More analysts support the XRP uptrend than a short-term price drop. One such analyst is DefendDark. He explains that XRP is strong on the daily and monthly chart following its break above the descending trendline previously talked about.Â
As such, DefendDark predicts that the price of XRP could rally to the $1.237 major resistance. However, he mentions that key supports at $0.46 & $0.39 should be looked out for.
Technical analyst and educator Duo Nine shares the same sentiment. According to Duo Nine, as long as XRP stays above $0.45, its price could begin a rally, with resistance levels at $0.87, $2, and $3.3.
Crypto analyst and Twitter user @Cryptobilbuwoo0 explains that XRP has formed a bullish divergence, which could see the altcoin rally as high as $1.80. The last bullish divergence happened in July when XRP rallied after the Ripple court win.
Wild XRP Predictions
While many crypto analysts are bullish about XRP, some predictions are hyper-bullish. One XRP community influencer, XRP Whale, has predicted that the price of the coin will reach $10 in 2023. An almost 20x jump in value from its current price.
Moreover, another analyst XRP Captain says he would not be surprised if XRP skyrockets to $100 to $130 in the next crypto bull run, but most community members remain skeptical. Prominent community figure Shannon Thorp predicts that XRP could trade as high as $500.
Overall, there seems to be an overwhelming bullish support for XRP. However, each analyst has shared certain conditions to meet before XRP can rally to their predicted prices.
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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