XRP To $11, And Then $70: The Next Impulse Wave To Watch Out For

Overview

Crypto analyst CryptoBull has recently outlined ambitious targets for XRP, suggesting the altcoin could potentially reach double digits. The analyst believes that XRP’s current price movements resemble those of a previous bull run, indicating a possible path to significant price increases.

XRP’s Price Predictions

In an X post, CryptoBull asserted that XRP might soon see a rally to $11, with an eventual target of $70. He noted that the current price pattern reflects the behavior observed during a prior bull market, although he emphasized that the timing differs. He explained that XRP may require a prolonged accumulation phase to achieve these higher price targets.

Moreover, CryptoBull indicated that reaching the $11 target could take approximately one year of accumulation. He suggested that the subsequent move to $70 could take even longer. This forecast emerges in the context of a broader decline in the crypto market, with XRP currently trading below the significant $2 psychological price level.

In tandem with CryptoBull’s analysis, another crypto analyst known as CW has expressed optimism regarding an impending XRP rally. CW believes that the road to $21.5 is merely the beginning of a more extensive upward movement. He classified this phase as the Phase 4 peak, with an initial goal for XRP to surpass its all-time high. CW’s accompanying chart indicates that XRP might reach the $21 target by the end of the year.

Factors Influencing XRP’s Demand

Crypto Pundit X Finance Bull has pointed to legislative developments and economic factors that could enhance XRP’s demand. He highlighted the potential impact of the CLARITY Act and tariffs imposed by former President Trump as catalysts for increased interest in XRP. X Finance Bull predicts that the CLARITY Act will lead more banks to engage with cryptocurrencies, with XRP being the preferred token for these institutions due to its association with Ripple.

Technical Analysis and Market Sentiment

In a separate analysis, crypto analyst XForce has noted that XRP is breaking out of a significant triangle pattern that has persisted for over six years. Despite skepticism from some market participants who label it a “fakeout,” XForce maintains a neutral stance on XRP, stating that he observes trends and macro breakout patterns. His chart suggests that XRP may be poised for an upward movement, potentially exceeding $11.50.

On a shorter timeframe, analyst Chart Nerd has pointed out that XRP is breaking out of a two-week falling wedge structure, which is traditionally viewed as a bullish reversal pattern. He indicated that a successful move back to $2.40 is plausible, contingent on XRP breaking through resistance levels between $2.13 and $2.20. As of the latest data, XRP is trading around $1.92, showing a slight increase over the past 24 hours.

From author

The current sentiment surrounding XRP reflects a blend of optimism and caution. While analysts are highlighting potential upward movements, the market’s overall bearish trend presents challenges. Observing the interplay between technical patterns and broader economic factors will be crucial for determining XRP’s trajectory.

Impact on the crypto market

• Analysts are forecasting potential price targets for XRP that could attract investor interest.
• The discussion around legislative changes, such as the CLARITY Act, may influence institutional adoption of XRP.
• Price patterns and technical analysis suggest a possibility of a bullish reversal for XRP.
• Market sentiment remains mixed, with some analysts expressing skepticism about the current price movements.
• The performance of XRP could serve as a barometer for broader market trends in the cryptocurrency space.