XRP Price Prediction: Analyst Identifies 3 Key Factors That Will Trigger Parabolic Move
November 29 2023 - 6:00PM
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The XRP price keeps being projected to enjoy a massive rally soon
enough. Many have continued to speculate when this might happen. A
crypto analyst has some answers, as he has highlighted three key
indicators that could trigger this rally. Three Determinants
For A “Parabolic Move” In a post shared on his X (formerly Twitter)
platform, crypto analyst JD noted that XRP’s monthly was coming. He
went on to state three things that “need” to happen if XRP is to
see a massive rally. The first factor he highlighted was the
Stochastic Relative Strength Index (SRSI). He stated that there has
to be a bullish cross on the SRSI. Related Reading: MasterCard
Coming To XRP? Prominent Developer Teases Major Upgrade The SRSI is
a technical indicator that is generally used to forecast market
trends. It measures the strengths and weaknesses of the relative
strength indicator (RSI). It is from this RSI it also derives its
value from. Source: X Still emphasizing the SRSI, JD stated
that the second factor is that both SRSI lines must cross above 80.
This level refers to an overbought condition in the XRP market. As
such, it is unclear why JD considers it bullish, considering that
traders usually see an overbought condition as a sell signal with
an impending correction in mind. XRP Price To Breakout In
2025 For the third factor, JD alluded to an 8-year trendline break.
In the accompanying chart that he shared, one could see that he was
projecting XRP to break out in 2025 following 8 years of
consolidation. In the chart, he also highlighted how XRP broke out
in 2017 after a 4-year consolidation. Some analysts seem to
be betting on XRP, enjoying a similar rally to the one that
happened back in 2017. The crypto token is known to have seen a
61,000% gain in 280 days and crypto analyst CryptoInsightUK
recently shared his thoughts on that happening. Without directly
stating if a repeat could happen, he outlined several factors that
put XRP in a better position than then. Related Reading:
Institutional Investors Pour $346 Million Into Crypto – Here Are
The Winners Another crypto analyst who has referred to the 2017
period in his projection is Egrag Crypto. He recently mentioned
that $27 is a “plausible target” for XRP’s price with the 2017
surge in mind. He didn’t, however, mention when exactly XRP could
attain such heights. More recently, Egrag stated that XRP is on the
“brink of a bullish cross.” Many analysts continue to give their
opinion on what price level XRP could hit, with some stating that
XRP could rise to as high as $10,000. It remains to be seen how
much of these bullish projections will be actualized. At the time
of writing, XRP is trading at around $0.61, up over 1% in the last
24 hours, according to data from CoinMarketCap. Token price
holds $0.61 | Source: XRPUSD on Tradingview.com Featured image from
Xataka, chart from Tradingview.com
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