Crypto Analyst Says XRP Price Will Take Off In One Week, Here’s The Target
November 08 2023 - 5:00PM
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Crypto analyst and enthusiast Will Taylor, known as Cryptoinsightuk
on social media, recently released his latest XRP price prediction
and analysis. XRP’s price recently reached $0.73 for the first time
since June, fueled by whales increasing their spot trading activity
amidst a consolidation from the entire crypto market. This
rally briefly pushed XRP to the fourth spot in terms of market cap,
overtaking BNB. XRP has since returned to the fifth spot, lost some
of this gain, and consolidated in the past 24 hours to trade in a
range between $0.70 and $0.66. On-chain data still points to
a continued bull run in the short term, as the crypto maintains
resilience in the face of market pressures. According to Taylor,
the XRP price is set to blast off in just seven days. Current XRP
Price Levels and Recent Market Performance The analyst took to
social media platform X (formerly Twitter) to give his prediction
about XRP, one of the many bullish predictions the crypto has
received since it was deemed not a security by a US federal
judge. Related Reading: Cardano Whales Go On $600 Million
Buying Spree That Could Trigger Run To $0.4 The price of XRP has
been on a steady climb from $0.483 since October 13, and according
to crypto analyst Will Taylor, it’s poised to skyrocket even higher
within one week. He made this prediction by analyzing XRP’s current
price action using the Fibonacci Retracement indicator.
Although XRP traded at $0.73 on Monday, October 6, it retraced 9.5%
to $0.66 on Tuesday, October 7, and is now trading at $0.69 at the
time of writing. $XRP blast off in T-7 days. Today we have
seen a bit of a retracement for $XRP. We ran into key Fibonacci
Retracement levels, this is normal. Indicators were massively over
cooked. I’m unsure how deep this pull back will be. I wouldn’t be
unhappy about a bounce from here, or… pic.twitter.com/eDEt1Mgh9l —
Cryptoinsightuk (@Cryptoinsightuk) November 7, 2023 Using the
retracement indicators, Cryptoinsightuk showed that XRP retraced
from 0.618 to 0.5 Fibonacci levels while using August 14th’s price
of $0.4232 as the base level for the indicator. This correction, in
his opinion, is perfectly typical given that indicators revealed
XRP was quite overbought at the time. Additionally, there is a
possibility that XRP will go to a lower price, which would turn the
prior resistance level at $0.62 into a support. Related Reading:
XRP News: Ripple CEO Teases Major Announcements At Swell Event On
the other hand, the XRP price is still exhibiting signs of a
continuing bull run, and it has continued to increase by 16% in a
7-day timeframe. According to Cryptoinsightuk, XRP will really get
going once it clears the 0.618, 0.702, and 0.786 Fibonacci
retracement levels. In a previous post, the analyst predicted
that when this blast-off happens, the XRP price will rally more
than 1,400% to reach $10 at least. “If we get this price action and
history repeats, it would put $XRP price between $10-14 dollars
within 4/5 weeks.” XRP’s price growth has largely been suppressed
in recent years by the SEC lawsuit. Recent data has shown Americans
are now more interested in XRP than Ethereum. Token price
holds $0.69 | Source: XRPUSD on Tradingview.com Featured image from
Bitcoin News, chart from Tradingview.com
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