2023-11-29 23:00 |
Crypto analyst CryptoInsightUK has shared his bullish sentiment on the XRP price. He noted that something may be brewing for the token and its ecosystem. Interestingly, he agrees that XRP could rise as high as $9.6.
XRP Price Could Replicate 2017 ImpulseIn a post shared on his X (formerly Twitter) platform, CryptoInsightUK shared a monthly XRP/BTC chart. He noted that XRP’s largest impulse against BTC was around 5,200%, which occurred back in 2017. Analyzing the chart that he shared, he suggested that a similar setup to that time was building up.
This time, XRP could see higher gains against BTC as CryptoInsightUK stated that the XRP is holding a higher floor. He also mentioned that the technical structure is more bullish after a longer consolidation. Besides these indicators, he highlighted the Relative Strength Index (RSI), which is grinding upwards.
With all this in mind, the crypto analyst believes that “something is coming” for the XRP token. CryptoInsightUK seemed very careful not to provide any projections on how much the XRP token could rally or what price action to expect when this happens.
However, another prominent crypto analyst, Egrag Crypto, provided an insight into what price action CryptoInsightUk may have in mind. In response to the main post, Egrag replied and stated that XRP could hit between $9.6 and $10 this time around. CryptoInsightUK responded and stated that Egrag’s prediction is “perfect for the range.”
XRP’s Success Hinged On Bitcoin’s?CryptoInsightUK shared some further thoughts when quizzed by another X user if the community may see any XRP price action this year. He suggested that any XRP rally was dependent on Bitcoin’s move as XRP goes higher whenever Bitcoin does so. As such, he is cheering Bitcoin on right now so that there can also be some price action from XRP.
As to when to expect this rally from XRP, he isn’t certain, as he stated that finding the starting point is hard. That is why the analyst is just comfortable with holding and waiting with his XRP bags. Despite the uncertainty, the crypto analyst seems to be one of those who is very bullish on the XRP token.
Another prominent figure in the XRP community, Rob Art, also shared similar sentiments with CryptoInisghtUK. He suggested that XRP cannot make a new all-time high (ATH) without Bitcoin doing so in the same cycle. As such, he believes that XRP can only fly when Bitcoin does so, too.
At the time of writing, XRP is trading at around $0.60, down almost 1% in the last 24 hours, according to data from CoinMarketCap.
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