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The XRP price has witnessed a significant correctionafter rallying to as high as $2.9 this week. This has raised speculations about whether the recent rally is over, but crypto analysts MadWhale has indicated that XRP still has more room to move to the upside. Analyst Explains Why XRP Price Is Headed For $3.2
In a TradingView post, MadWhale explained why the XRP price is headed for $3.2. The analyst noted XRP’s significant trading volume and the stock’s prolonged underperformance compared to other cryptos. Indeed, XRP experienced a prolonged period of stagnationwhile other coins experienced significant gains. Related Reading Bitcoin Price To $100,000: Why Reclaiming The $96,400 Level Is Very Important For Another Rally 22 hours ago Source: TradingView
MadWhale stated that this extended period of stagnation has left the stock highly compressed and ready for a potential breakout. The analyst added that fundamental and technical analysis point to a favorable outlook, with the chart indicating strong upward potential. In line with this, he anticipates that the XRP could revisit its current all-time high (ATH) and even higher targets.
The XRP price has cooled off and retraced in the last 24 hours, following its parabolic rally in the last couple of weeks. Crypto analyst Dark Defender had predictedthat this correction would likely happen. He stated that he expects XRP to range between $2.13 and $2.92 for a few days before it continues its upward trend.
Like MadWhale, Dark Defender also offered a bullish outlook for XRP, predicting that the crypto would rally to the mid-target level of $3.9993 next. Such a rally will mark a new ATH for XRP, as its current ATH is $3.8.
Meanwhile, in a recent analysis, crypto Egrag Crypto stated that a bounce from $2.19 would lead to higher highs and cause XRP to continue its bullish momentum. Egrag Crypto is confident that the XRP price will rally to double digits in this market cycle. The Road To $3.99
In his most recent X post, Dark Defenderprovided an update on XRP’s projected rally to $3.99. The analyst noted that the XRP price has continued to move the Fibonacci levels. He reaffirmed that this recent correction was expected. The crypto analyst added that these side moves can last a little bit more. Related Reading Dogecoin Price Continues Trading Sideways But Bullish Pennant Says Get Ready For $1.30 1 day ago Source: TradingView
The crypto analyst also provided insights into key levels to watch out for while the XRP price ranges. He highlighted $2.13 and $2.27 as support levelsfor XRP and $2.92 and $3.99 as the targets for the crypto. A reclaim of the $2.92 target, which is a Fib level, indicates that the crypto is ready to continue its upward trend.
At the time of writing, the XRP price is trading at around $2.30, down over 12% in the last 24 hours, according to datafrom CoinMarketCap. Price struggles against bears with sell-off trend | Source: XRPUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com