TL;DR
- XRP has been trading around $0.52 recently, but analysts predict a potential rise to $0.70 this summer as the token supposedly nears the end of a long consolidation phase.
- While some foresee gains, others predict a possible drop to $0.27.
Is It Time for XRP to Shine?
Ripple’s XRP is one of the few leading cryptocurrencies that have not experienced a substantial price increase in the past few weeks. It has consolidated around the $0.5 mark, while its market cap has been struggling to cross the $30 billion level.
Some analysts, though, think the asset is poised for significant gains in the near future. The content creator using the X handle DustyBC Crypto noted XRP’s progress on a yearly scale, suggesting that an uptick toward $0.70 can occur sometime this summer.
Blockchainedbb chipped in, too, claiming the token has been in a consolidation mode for more than 700 days, assuming the end of that phase might be just around the corner.
“Break out of this range and retouch is a good entry for the long term. Let’s wait and see,” they added.
It is worth noting that not all analysts are that optimistic. The X user Jason A. Williams predicted that XRP’s price could drop to $0.27 during the next bull cycle. In contrast, they expect a new all-time high of $336,000 for Bitcoin (BTC) and a fresh peak of $12,000 for Ethereum (ETH).
Previous Forecasts
JAVON MARKS and EGRAG CRYPTO are also speculating on XRP’s future trajectory. The former claimed the token has been holding a certain resistance zone for several months, describing it as a “hidden bullish divergence setup.” The analyst reminded that in 2017, the same pattern was followed by a 63,000% increase in less than a year.
“If XRP hasn’t already made a name for itself, it sure looks as if it’s about to do so now,” the trader added.
EGRGA CRYPTO envisioned a bright future for the asset based on the low Relative Strength Index (RSI). This technical analysis tool measures the speed and change of price movements and helps traders assess whether the token is overbought or oversold.
It varies from 0 to 100 as a ratio above 70 signals that an XRP correction might be imminent. Data shows that the RSI has not crossed that level since May 21.
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