Crypto Research Firm Predicts 200% XRP Price Rally To $1.5
October 17 2023 - 5:45AM
NEWSBTC
As the XRP price and its future trajectory continue to be a hot
topic for debate, crypto research firm Sistine Research has weighed
in on this debate using technical analysis. XRP holders are set to
love this one, as their prediction is bullish. Where Is XRP
Price Headed? In a post shared on the X (formerly Twitter)
platform, Sistine Research stated that, despite the current market
outlook, XRP is one of the tokens with a bullish chart in the
crypto market as of now. Related Reading: How Ripple’s
Rumored Token Burn Could Affect The XRP Price Their bullish
sentiment was projected in their post, which contained a weekly
chart that suggested an accumulated pattern since May 2022, with
the XRP price having the potential to rally to as high as $1.5, an
over 200% increase from its current price of $0.49. Source: X The
research firm also used the XRP/Bitcoin chart to further drive home
their bullish sentiment. The chart showed XRP’s potential to
outperform the flagship cryptocurrency with its projected rally to
$1.5. However, it seems that the XRP price could decline to the
$0.40 support level before any massive rally. Source: X
Clarification On The Charts Sensing that there was some form of
skepticism from many in the crypto community, Sistine Research
released a subsequent post where it further elaborated on its
technical analysis. It explained that from the charts, it was
evident that there is a long-term accumulation that is trending
upwards. According to them, during this period, buyers are
willing to dive into the market and provide support to the token at
higher and higher prices, likely suggesting that a potential
retracement or dump by the bears doesn’t faze the bulls.
Sistine alluded to the fact that the most recent pump on the chart
was larger than the previous pump. This supposedly shows that
buyers are active as they are still accumulating at higher prices
rather than waiting for a decline before going in. While all this
is happening, sellers are still holding their tokens as they
anticipate higher prices before selling. Related Reading:
What To Expect This Month For XRP Price According To Historical
Data They compared this XRP chart to the BTC chart in 2018, when
buyers got weaker, and sellers had control of the market, selling
every pump at lower prices. The research firm also suggested
that DOGE’s chart is currently experiencing something similar (to
the 2018 BTC chart) as they stated that the XRP price chart is
“objectively bullish” in comparison to the meme coin, which is
“exhibiting major signs of buyer exhaustion.” As of the time of
writing, the XRP price is trading at $0.49, around 0.30% in the
last 24 hours, according to data from CoinMarketCap. XRP
holding at $0.49 | Source: XRPUSD On Tradingview.com Featured image
from CoinMarketCap, chart from Tradingview.com
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