Recent analyses reveal that XRP is on the brink of a vigorous price reversal, with indications of a bullish upturn towards $3.5 and potentially even higher. Following a period of substantial volatility and consolidation resulting from preceding price drops, XRP’s technical indicators now lean towards a bullish forecast. Consequently, crypto analysts have given short and long-term price projections for this digital currency.
TradingView’s crypto analyst ‘Setupsfx’ suggests that XRP is entering a bullish reversal stage, implying that the coin’s price is projected to break free from its recent slump and skyrocket to new heights. Based on his chart analysis, XRP is anticipated to witness a significant surge to $3.5 once its consolidation phase concludes.
The chart foresees XRP’s price soaring to $3.5 in the forthcoming months. Yet, from a fundamental analysis standpoint, the analyst asserts that XRP’s bullish price target could be surpassed, potentially breaking past its current all-time high of $3.84.
Though the TradingView analyst’s XRP analysis maintains a neutral stance, reflecting trend uncertainty, he also underscores the digital currency’s high growth potential. Therefore, should market conditions prove favorable and investor confidence increase, XRP may see a considerable upswing.
For his short-term price target, the crypto analyst predicts that XRP might rally to a level above $3.5. He advises traders looking to hold their positions for a short time to aim for this price point, as it could serve as a strategic exit point before a possible pullback. Interestingly, the analyst’s long-term price target for XRP is set at $4.0 or higher. Considering XRP’s price is currently hovering around $2.09, a surge to $4 would signify a near 100% increase in its price.
In his chart analysis, Setupsfx draws attention to XRP’s price action over a 12-hour timeframe, highlighting key movements, trends, and technical elements that support his bullish forecast. These elements encompass liquidity and IMB zones, which are areas where price action is expected due to pending orders. The analyst also points out an accumulation phase, as XRP has been consolidating at lower levels, hinting at a possible breakout. The emergence of strong low wicks further suggests that buyers are reclaiming market control.
Lastly, the TradingView analyst denotes that the altcoin has already experienced a three-point trendline rejection, meaning it has tested and resisted a resistance level multiple times. The expert’s price chart also offers a suitable entry point for both short and long-term traders, situated at $1.8. A stop loss has also been positioned significantly lower around $1.2 to curb potential losses.
