2023-11-1 17:00 |
XRP price predictions continue to make the rounds, and one of the latest price predictions happens to be that of prominent crypto analyst CrediBULL Crypto, who recently gave a comprehensive analysis of the token’s future trajectory.
How XRP Price Could Rise To $0.9In a post shared on his X (formerly Twitter) platform, the crypto analyst highlighted that while analyzing the XRP/USD chart, the fact that XRP is currently enjoying an upward trend, but that could soon come to an end as it faces a resistance level at around the price range of $0.63.
He was, however, quick to alleviate any fear of a potential dump as he noted that the rejection doesn’t necessarily translate to a massive dump down but could simply mean a consolidation around that price range.
He also sounded optimistic when he stated that there is a “decent chance” that the XRP price breaks that resistance level, which, if it does, could see the token rise to as high as $0.9. He didn’t, however, provide a timeframe for when this could happen, as he mentioned that XRP holders might have to be patient.
On the bright side, XRP’s fundamentals are looking stronger, especially with Ripple’s latest win against the SEC, with the Commission dismissing its case against the company’s founders. Ripple is also actively building to expand its services, which could see XRP’s utility increase as a result of the company’s efforts.
What Could Hinder XRP’s Rise?CrediBULL Crypto also mentioned the factor that was hindering a massive rally from the XRP price. According to him, the token is simply facing the same problem that other altcoins are encountering, which is a lack of liquidity in the market.
He stated that this was what ultimately affected XRP’s decline in the months leading up to now, as he had predicted that XRP was going to rise above $1 following Judge Analisa Torres’ ruling in favor of Ripple in its case against the US Securities and Exchange Commission (SEC).
Another factor that could see the XRP price decline in the short term is the projected parabolic rise of the flagship cryptocurrency, Bitcoin. While analyzing the XRP/BTC chart, CrediBULL Crypto hinted that XRP could experience as much as a 30% decline against BTC. This decline doesn’t only apply to XRP, as he expects that other altcoins will bleed against the foremost cryptocurrency.
The crypto analyst, however, does not doubt XRP’s potential, as he stated that the token would be one of the biggest benefactors once, there is an “influx of new money” in the market, which is likely to happen as Bitcoin continues to rise.
Similar to Notcoin - TapSwap on Solana Airdrops In 2024
ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru
|
